<SEC-DOCUMENT>0001104659-21-096334.txt : 20210727
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ACCESSION NUMBER:		0001104659-21-096334
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20210727
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210727
DATE AS OF CHANGE:		20210727

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		211118319

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORPORATION
		DATE OF NAME CHANGE:	19950419
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, D.C. 20549</b></p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#160;<span id="xdx_90A_edei--DocumentType_c20210727__20210727_zaj5LPCgghoi"><ix:nonNumeric contextRef="From2021-07-27to2021-07-27" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section&#160;13 or 15(d)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>of the Securities Exchange Act of 1934</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of Registrant as Specified in Its
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&#160;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

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

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

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    <td style="font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12) </span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Securities registered pursuant to Section&#160;12(b)&#160;of
the Act:</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the registrant
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Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160;<span style="font-family: Wingdings">&#168;</span></span></p>

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

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

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

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

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

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<td style="width: 0"></td><td style="width: 1in"><b>Item 3.03</b></td><td><b>Material Modification to the Rights of Security Holders.</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in Item 8.01 of this Current Report on Form
8-K is incorporated by reference into this Item 3.03</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a result
of the differences between Delaware law and the CBCA, there are differences between the rights of a stockholder of MDC Delaware (as defined
below) under Delaware law and the rights of a former holder of MDC Canada (as defined below) common stock under the CBCA. In addition,
there are differences between the organizational documents of MDC Delaware and MDC Canada. Information regarding these differences is
included in the proxy statement/prospectus filed on Form 424B3 on May 10, 2021 (File No.</span> 333-252829) under the heading &#8220;Comparison
of Stockholders&#8217; Rights&#8221; and is incorporated herein by reference.</p>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 5.03</b></td><td><b>Amendments to Articles of Incorporation or Bylaws.</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in Item 8.01 of this Current Report on Form
8-K is incorporated by reference into this Item 5.03.</p>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 8.01</b></td><td><b>Other Events.</b></td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 27, 2021, MDC Partners Inc. (&#8220;<b>MDC Canada</b>&#8221;),
a corporation continued under the laws of Canada, completed its previously disclosed redomiciliation into a new corporation organized
under the laws of the State of Delaware (&#8220;<b>MDC Delaware</b>&#8221;) pursuant to a &#8220;continuance&#8221; effected in accordance
with Section 188 of the CBCA and a concurrent &#8220;domestication&#8221; effected in accordance with Section 388 of the DGCL.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each MDC Canada Class A Common Share, each MDC Canada Class B Common
Share, each MDC Canada Series 4 Convertible Preference Share and each MDC Canada Series 6 Convertible Preference Share, in each case held
by a non-dissenting holder, remain outstanding as a MDC Delaware Class A Common Share, a MDC Delaware Class B Common Share, a MDC Delaware
Series 4 Preferred Share or an MDC Delaware Series 6 Preferred Share, respectively. The form of certificate of incorporation of MDC Delaware
set forth in Annex Q of the Supplement to the definitive proxy statement/prospectus on Form 424B3, filed as Exhibit 99.2 on Form 8-K of
MDC Canada on July 12, 2021, was amended to revise the par value of the shares of common stock and preferred stock of MDC Delaware as
follows: each MDC Delaware Class A Common Share will have a par value of $0.001, each MDC Delaware Class B Common Share will have a par
value of $0.001, each MDC Delaware Class C common Share will have a par value of $0.00001, each MDC Delaware Series 4 Preferred Share
will have a par value of $0.001, each MDC Delaware Series 5 Preferred Share will have a par value of $0.001, each MDC Delaware Series
6 Preferred Share will have a par value of $0.001 and each MDC Delaware Series 7 Preferred Share will have a par value of $0.001.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Copies of MDC Delaware&#8217;s certificate of incorporation and by-laws
are attached as Exhibits to this Form 8-K.</p>

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

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

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

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

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

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  <tr style="vertical-align: top">
    <td style="width: 7%"><a href="tm2123431d1_ex3-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">3.1</span></a></td>
    <td style="width: 93%"><a href="tm2123431d1_ex3-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Certificate of Incorporation of MDC Delaware, dated July 27, 2021</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2123431d1_ex3-2.htm"><span style="font: 10pt Times New Roman, Times, Serif">3.2</span></a></td>
    <td><a href="tm2123431d1_ex3-2.htm"><span style="font: 10pt Times New Roman, Times, Serif">By-Laws of MDC Delaware, dated July 27, 2021</span></a></td></tr>
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    <td><span style="font: 10pt Times New Roman, Times, Serif">104</span></td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July 27, 2021</p>

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

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

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    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr>
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    <td style="border-bottom: black 1pt solid; vertical-align: top; width: 47%; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">/s/ <span style="font-variant: small-caps">Frank Lanuto</span></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CERTIFICATE OF INCORPORATION</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>July 27, 2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">I, the undersigned, for the purposes of incorporating
and organizing a corporation under the General Corporation Law of the State of Delaware (the &ldquo;<U>DGCL</U>&rdquo;), do execute this
Certificate of Incorporation and do hereby certify as follows:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The name of the corporation (hereinafter called the
 &ldquo;<U>Corporation</U>&rdquo;) is MDC Partners Inc.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 1. The address of the Corporation&rsquo;s
registered office in the State of Delaware is c/o Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware
19801. The name of the Corporation&rsquo;s registered agent at such address is The Corporation Trust Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2. The name and address of the incorporator
is as follows: Frank Lanuto, One World Trade Center, Floor 65, New York, NY, 10007.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The purpose of the Corporation is to engage in any
lawful act or activity for which corporations may be organized under the DGCL.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 1. The total number of shares of all classes
of stock which the Corporation shall have authority to issue is 1,450,005,000 shares of capital stock, consisting of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1) 200,000,000 shares of Preferred Stock, par value
$0.001 (&ldquo;<U>Preferred Stock</U>&rdquo;), including (i) 95,000 shares designated as the &ldquo;Series 4 Convertible Preferred Stock&rdquo;,
(ii) 30,000,000 shares designated as the &ldquo;Series 5 Convertible Preferred Stock&rdquo;, (iii) 50,000 shares designated as the &ldquo;Series
6 Convertible Preferred Stock&rdquo; and (iv) 20,000,000 shares designated as the &ldquo;Series 7 Convertible Preferred Stock&rdquo;,
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2) 1,000,000,000 shares of class A common stock,
par value $0.001 (the &ldquo;<U>Class A Common Stock</U>&rdquo;), 5,000 shares of class B common stock, par value $0.001 (the &ldquo;<U>Class
B Common Stock</U>&rdquo;), and 250,000,000 shares of class C common stock, par value $0.00001 (the &ldquo;<U>Class C Common Stock</U>&rdquo;
and, together with the Class A Common Stock and Class B Common Stock, the &ldquo;<U>Common Stock</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the rights of the holders of any outstanding
class or series of Preferred Stock, the number of authorized shares of either the Preferred Stock or the Common Stock may be increased
or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority in voting
power of the stock of the Corporation entitled to vote thereon irrespective of the provisions of Section 242(b)(2) of the DGCL (or any
successor provision thereto), voting as a single class, and no vote of the holders of either the Preferred Stock or the Common Stock voting
separately as a class shall be required therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2. The Board of Directors of the Corporation
(the &ldquo;<U>Board of Directors</U>&rdquo;) is hereby expressly authorized, by resolution or resolutions and without stockholder approval,
to provide, out of the unissued shares of Preferred Stock, for series of Preferred Stock and, with respect to each such series, to fix
the number of shares constituting such series and the designation of such series, the voting powers (if any) of the shares of such series,
and the preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions
thereof, of the shares of such series. The powers, preferences and relative, participating, optional and other special rights of each
series of Preferred Stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other
series at any time outstanding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 3. (a) Except as otherwise expressly provided
herein or required by law, voting as a single class, each holder of outstanding shares of Class A Common Stock shall be entitled to one
vote in respect of each share of Class A Common Stock, each holder of outstanding shares of Class B Common Stock shall be entitled to
twenty votes in respect of each share of Class B Common Stock and each holder of outstanding shares of Class C Common Stock shall be entitled
to one vote in respect of each share of Class C Common Stock held as of the applicable date on any matter that is submitted to a vote
of stockholders of the Corporation; <U>provided</U>, <U>however</U>, that, except as otherwise required by law, holders of Common Stock,
as such, shall not be entitled to vote on any amendment to this Certificate of Incorporation (including any amendment to the Designation
relating to any series of Preferred Stock attached hereto as Exhibit A, B, C or D) that relates solely to the terms of one or more outstanding
series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or
more other such series, to vote thereon pursuant to this Certificate of Incorporation (including any Designation relating to any series
of Preferred Stock attached hereto as Exhibit A, B, C or D) or pursuant to the DGCL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as
otherwise required by law, holders of a series of Preferred Stock, as such, shall be entitled only to such voting rights, if any, as shall
expressly be granted to such holders by this Certificate of Incorporation (including any Designation relating to such series attached
hereto as Exhibit A, B, C or D).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to
applicable law and the rights, if any, of the holders of any outstanding series of Preferred Stock:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">All dividends which are declared in any year in the discretion of the Board of Directors on all shares of the Class A Common Stock shall be declared and paid at the same time in an equal or, in the discretion of the Board of Directors, a greater amount per share than those dividends declared in respect of the Class B Common Stock at the time outstanding. All dividends which are declared in any year, in the discretion of the Board of Directors, on all shares of the Class B Common Stock shall be declared and paid at the same time in an equal or, in the discretion of the Board of Directors, a lesser amount per share than those declared in respect of shares of Class A Common Stock.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">If any stock dividend is declared on shares of Class A Common Stock, such dividend may be paid in shares of Class A Common Stock or in shares of Class B Common Stock, or partly in one class and partly in the other, if stock dividends in equal or, in the discretion of the Board of Directors, lesser amounts per share are declared at the same time on shares of the Class B Common Stock and are payable in either shares of Class A Common Stock or in shares of Class B Common Stock, or partly in one class and partly in the other, regardless of which class the stock dividend was paid on shares of Class A Common Stock. If any stock dividend is declared on shares of Class B Common Stock, such dividend may be paid in shares of Class A Common Stock or in shares of Class B Common Stock, or partly in one class and partly in the other, if stock dividends in equal or, in the discretion of the Board of Directors, greater amounts per share are paid at the same time on shares of the Class A Common Stock and are payable in either shares of Class A Common Stock or in shares of Class B Common Stock, or partly in one class and partly in the other, regardless of which class the stock dividend was paid on shares of Class B Common Stock.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">All distributions other than dividends (including, without limiting the generality of the foregoing, any distribution of rights, warrants or options to purchase securities of the Corporation), and all such distributions which may at any time or from time to time be authorized or made:</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">in respect of shares of the Class A Common Stock, shall be authorized and made at the same time in equal, or in the discretion of the Board of Directors, greater quantities or amounts per share than on shares of Class B Common Stock without preference or distinction; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 176px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">ii)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">in respect of shares of the Class B Common Stock, shall be authorized and made at the same time in equal, or in the discretion of the directors, lesser quantities or amounts per share than on shares of Class A Common Stock without preference or distinction.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp; Except as contemplated
by Section 8 of this Article IV, dividends or other distributions shall not be declared or paid on the Class C Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp; Upon the dissolution,
liquidation or winding up of the Corporation, subject to the rights, if any, of the holders of any outstanding series of Preferred Stock,
the holders of the Class A Common Stock and Class B Common Stock, as such, shall be entitled to receive the assets of the Corporation
available for distribution to its stockholders ratably in proportion to the number of shares held by them. For the avoidance of doubt,
a dissolution, liquidation or winding up shall not be deemed to be occasioned by or to include, without limitation, any voluntary consolidation,
reorganization, conversion or merger of the Corporation with or into any other corporation or entity or other corporation or entities
or a sale, lease, transfer, exchange or conveyance of all or a part of the Corporation&rsquo;s assets. The holders of the Class C Common
Stock, as such, shall not be entitled to receive any assets of the Corporation upon any dissolution, liquidation or winding up of the
Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 4. Each share of Class B Common Stock shall
be convertible at any time, at the option of the holder thereof, into a share of Class A Common Stock, on the basis of one share of Class
A Common Stock for each share of Class B Common Stock so converted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 5. (a) For the purposes of this Section 5:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>affiliate</U>&rdquo; has the meaning ascribed thereto under the General Rules and Regulations under the Securities Exchange Act of 1934, as amended;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>Conversion Period</U>&rdquo; means the period of time commencing on the eighth day after the Offer Date and terminating on the Expiry Date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>Converted Shares</U>&rdquo; means the shares of Class B Common Stock resulting from the conversion of shares of Class A Common Stock into shares of Class B Common Stock pursuant to Section 5(b) of this Article IV;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">4)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>Exclusionary Offer</U>&rdquo; means an offer to purchase shares of Class B Common Stock that:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 146.9pt; text-indent: 1in">i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
must, by reason of applicable securities legislation or the requirements of a stock exchange on which the shares of Class B Common Stock
are listed, be made to all or substantially all holders of shares of Class B Common Stock; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 146.9pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 146.9pt; text-indent: 1in">ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
is not made concurrently with an offer to purchase shares of Class A Common Stock that is identical to the offer to purchase shares of
Class B Common Stock in terms of price per share and percentage of outstanding shares to be taken up exclusive of shares owned immediately
prior to the offer by the Offeror, and in all other material respects, and that has no condition attached other than the right not to
take up and pay for shares tendered if no shares are tendered pursuant to the offer for shares of Class B Common Stock,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 146.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 146.9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 146.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">and for the purposes of this definition, if an offer to
purchase shares of Class B Common Stock is not an Exclusionary Offer as defined above but would be an Exclusionary Offer if it were not
for sub-clause (ii), the varying of any term of such offer shall be deemed to constitute the making of a new offer unless an identical
variation concurrently is made to the corresponding offer to purchase shares of Class A Common Stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">5)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>Expiry Date</U>&rdquo; means the last date upon which holders of shares of Class B Common Stock may accept an Exclusionary Offer;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">6)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>Offer Date</U>&rdquo; means the date on which an Exclusionary Offer is made;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">7)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>Offeror</U>&rdquo; means a person or company that makes an offer to purchase shares of Class B Common Stock (the &ldquo;<U>bidder</U>&rdquo;), and includes any associate or affiliate of the bidder or any person or company that is disclosed in the offering document to be acting jointly or in concert with the bidder; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">8)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>transfer agent</U>&rdquo; means the transfer agent for the time being of the Corporation&rsquo;s shares of Common Stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) Subject to paragraphs (e) and (j) of this Section
5, if an Exclusionary Offer is made, each outstanding share of Class A Common Stock shall be convertible into one share of Class B Common
Stock at the option of the holder during the Conversion Period. The conversion right may be exercised by notice in writing given to the
transfer agent accompanied by, if applicable, the share certificate or certificates representing the shares of Class A Common Stock which
the holder desires to convert, and such notice shall be executed by such holder, or by his attorney duly authorized in writing, and shall
specify the number of shares of Class A Common Stock which the holder desires to have converted. The holder shall pay any governmental
or other tax imposed on or in respect of such conversion. Upon receipt by the transfer agent of such notice and, if applicable, share
certificate or certificates, the Corporation shall issue shares of Class B Common Stock as above prescribed and in accordance with paragraph
of this Section 5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) An election by a holder of shares of Class A
Common Stock to exercise the conversion right provided for in paragraph (b) of this Section 5 shall be deemed to also constitute an irrevocable
election by such holder to deposit the Converted Shares pursuant to the Exclusionary Offer (subject to such holder's right to subsequently
withdraw the shares from the offer) and to exercise the right to convert into shares of Class A Common Stock all Converted Shares in respect
of which such holder exercises his right of withdrawal from the Exclusionary Offer or which are not otherwise ultimately taken up under
the Exclusionary Offer. Any conversion into shares of Class A Common Stock, pursuant to such deemed election, of Converted Shares in respect
of which the holder exercises his or her right of withdrawal from the Exclusionary Offer shall become effective at the time such right
of withdrawal is exercised. If the right of withdrawal is not exercised, any conversion into shares of Class A Common Stock pursuant to
such deemed election shall become effective,</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">in respect of an Exclusionary Offer which is completed, immediately following the time by which the Offeror is required by applicable securities legislation to take up and pay for all shares to be acquired by the Offeror under the Exclusionary Offer; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">in respect of an Exclusionary Offer which is abandoned or withdrawn, at the time at which the Exclusionary Offer is abandoned or withdrawn.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) Upon completion of the offer, the transfer agent
shall deliver to the holders entitled thereto all consideration paid by the Offeror pursuant to the offer. The Corporation shall make
all arrangements with the transfer agent necessary or desirable to give effect to this subparagraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) Subject to paragraph (f) of this Section 5, the
conversion right provided for in paragraph (b) of this Section 5 shall not come into effect if:</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">prior to the time at which the Exclusionary Offer is made there is delivered to the transfer agent and to the Secretary of the Corporation certificate or certificates signed by or on behalf of one or more stockholders of the Corporation owning in the aggregate, as at the time the Exclusionary Offer is made, more than 50% of the then outstanding shares of Class B Common Stock, exclusive of shares owned immediately prior to the Exclusionary Offer by the Offeror, which certificate or certificates shall confirm, in the case of each such stockholder, that such stockholder shall not:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 176px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">i)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">accept any Exclusionary Offer without giving the transfer agent and the Secretary of the Corporation written notice of such acceptance or intended acceptance at least seven days prior to the Expiry Date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 176px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">ii)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">make any Exclusionary Offer;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 176px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">iii)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">act jointly or in concert with any person or company that makes any Exclusionary Offer; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 176px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">iv)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">transfer any shares of Class B Common Stock, directly or indirectly, during the time at which any Exclusionary Offer is outstanding without giving the transfer agent and the Secretary of the Corporation written notice of such transfer or intended transfer at least seven days prior to the Expiry Date, which notice shall state, if known to the transferor, the names of the transferees and the number of shares of Class B Common Stock transferred or to be transferred to each transferee;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">within seven days after the Offer Date there is delivered to the transfer agent and to the Secretary of the Corporation a certificate or certificates signed by or on behalf of one or more stockholders of the Corporation owning in the aggregate more than 50% of the then outstanding shares of Class B Common Stock, exclusive of shares owned immediately prior to the Exclusionary Offer by the Offeror, which certificate or certificates shall confirm, in the case of each such stockholder:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 176px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">i)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the number of shares of Class B Common Stock owned by the stockholder;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 176px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">ii)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">that such stockholder is not making the offer and is not an affiliate of, or acting jointly or in concert with, the person or company making the offer;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 176px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">iii)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">that such stockholder shall not accept the offer, including any varied form of the offer, without giving the transfer agent and the Secretary of the Corporation written notice of such acceptance or intended acceptance at least seven days prior to the Expiry Date; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 176px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">iv)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">that such stockholder shall not transfer any shares of Class B Common Stock, directly or indirectly, prior to the Expiry Date without giving the transfer agent and the Secretary of the Corporation written notice of such transfer or intended transfer at least seven days prior to the Expiry Date, which notice shall state, if known to the transferor, the names of the transferees and the number of shares of Class B Common Stock transferred or to be transferred to each transferee if this information is known to the transferor; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.6pt; text-indent: -14.1pt">3) any shares of Class C Common Stock
are outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.6pt; text-indent: -14.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.6pt; text-indent: -14.1pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.6pt; text-indent: -14.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f) If a notice referred to in sub-clause (e)(1)(i),
(e)(1)(iv), (e)(2)(iii) or (e)(2)(iv) of this Section 5 is given and the conversion right provided for in paragraph (b) of this Section
5 has not come into effect, the transfer agent shall either forthwith upon receipt of the notice or forthwith after the seventh day following
the Offer Date, whichever is later, make a determination as to whether there are subsisting certifications that comply with either sub-clause
(e)(1) or (e)(2) of this Section 5 from stockholders of the Corporation who own in the aggregate more than 50% of the then outstanding
shares of Class B Common Stock, exclusive of shares owned immediately prior to the offer by the Offeror. For the purposes of this determination
the transaction that is the subject of such notice shall be deemed to have taken place at the time of the determination, and the shares
that are the subject of such notice shall be deemed to have been transferred to a person or company from whom the transfer agent had not
received such a certification unless the transfer agent is otherwise advised either by such notice or by the transferee in writing. If
the transfer agent determines that there are not such subsisting certifications, paragraph (e) of this Section 5 shall cease to apply
and the conversion right provided for in paragraph (b) of this Section 5 shall be in effect for the remainder of the Conversion Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g) As soon as reasonably possible after the seventh
day after the Offer Date, the Corporation shall send to each holder of shares of Class A Common Stock a notice advising the holders as
to whether they are entitled to convert their shares of Class A Common Stock into shares of Class B Common Stock and the reasons therefor.
If such notice disclosed that they are not so entitled but if subsequently determined that they are so entitled by virtue of paragraph
(f) of this Section 5 or otherwise, the Corporation shall forthwith send another notice to them advising them of that fact and the reasons
therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h) If a notice referred to in paragraph (g) of this
Section 5 discloses that the conversion right has come into effect, the notice shall:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">include a description of the procedure to be followed to effect the conversion and to have the Converted Shares tendered under the offer;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">include the information set out in paragraph (c) of this Section 5; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">be accompanied by a copy of the offer and all other material sent to holders of shares of Class B Common Stock in respect of the offer, and as soon as reasonably possible after any additional material, including a notice of variation, is sent to the holders of shares of Class B Common Stock in respect of the offer, the Corporation shall send a copy of such additional material to each holder of shares of Class A Common Stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i) Prior to or forthwith after sending any notice
referred to in paragraph (g) of this Section 5, the Corporation shall cause a press release describing the contents of the notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)&nbsp;Notwithstanding anything to the contrary
in this Certificate of Incorporation, for the avoidance of doubt, no holder of Class A Common Stock shall have any conversion rights under
this Section 5 of Article IV for so long as any shares of Class C Common Stock are outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">SECTION 6. (a) For
the purposes of this Section 6:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>Midas OpCo</U>&rdquo; means Midas OpCo Holdings LLC, a Delaware limited liability and any successor entity thereto;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>LLC Agreement</U>&rdquo; means the Amended and Restated Limited Liability Company Agreement of Midas OpCo, dated as of the date hereof, by and among Midas OpCo and its Members (as defined therein), as such agreement may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<U>Common Unit</U>&rdquo; means a unit representing limited liability company interests in Midas OpCo and constituting a &ldquo;Common Unit&rdquo; as defined in the LLC Agreement as in effect on the effective date of this Certificate of Incorporation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <I>Permitted Owners</I>. Shares of Class C Common
Stock (1)&nbsp;may be issued only in connection with (A)&nbsp;the issuance by Midas OpCo of a corresponding number of Common Units and
only to the person or entity to whom such Common Units are issued, or (B)&nbsp;Section 8 of this Article IV and (2)&nbsp;may be registered
only in the name of (A)&nbsp;a person or entity to whom shares of Class C Common Stock are issued in accordance with clause&nbsp;(1),
(B)&nbsp;its successors and assigns, (C)&nbsp;their respective transferees permitted in accordance with <U>Section&nbsp;6(d)</U> or (D)&nbsp;any
subsequent successors, assigns and permitted transferees (collectively, &ldquo;<U>Permitted Class C Owners</U>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) <I>Voting</I>. Except as otherwise required by
law or this Certificate of Incorporation (including any Designation), for so long as any shares of Class C Common Stock shall remain outstanding,
the Corporation shall not, without the prior vote of the holders of a majority of the shares of Class C Common Stock then outstanding,
voting separately as a single class, amend, alter or repeal any provision of this Certificate of Incorporation, whether by merger, consolidation
or otherwise, if such amendment, alteration or repeal would alter or change the powers, preferences or relative, participating, optional
or other special rights of the Class C Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) <I>Transfer of Class C Common Stock</I>.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A holder of Class C Common Stock may transfer shares of Class C Common Stock to any transferee (other than the Corporation) only if, and
only to the extent permitted by the LLC Agreement, such holder also simultaneously transfers an equal number of such holder&rsquo;s Common
Units to such transferee in compliance with the LLC Agreement. Upon a transfer of Common Units in accordance with the LLC Agreement, a
corresponding number of shares of Class C Common Stock held by the holder of such Common Units will automatically and simultaneously be
transferred to the same transferee of such Common Units. The transfer restrictions described in this <U>Section&nbsp;6(d)(i))</U> are
referred to as the &ldquo;<U>Restrictions</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any purported transfer of shares of Class C Common Stock in violation of the Restrictions shall be null and void. If, notwithstanding
the Restrictions, a person shall, voluntarily or involuntarily, purportedly become or attempt to become the purported owner (&ldquo;<U>Purported
Owner</U>&rdquo;) of shares of Class C Common Stock in violation of the Restrictions, then the Purported Owner shall not obtain any rights
in and to such shares of Class C Common Stock (the &ldquo;<U>Restricted Shares</U>&rdquo;), and the purported transfer of the Restricted
Shares to the Purported Owner shall not be recognized by the Corporation or its transfer agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon a determination by the Board of Directors that a person has attempted or may attempt to transfer or to acquire Restricted Shares
in violation of the Restrictions, the Board of Directors may take such action as it deems advisable to refuse to give effect to such transfer
or acquisition on the books and records of the Corporation, including without limitation, to cause the transfer agent to record the Purported
Owner&rsquo;s transferor as the record owner of the Restricted Shares and to institute proceedings to enjoin or rescind any such transfer
or acquisition.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors may, to the extent permitted by law, from time to time establish, modify, amend or rescind, by bylaw or otherwise,
regulations and procedures that are consistent with the provisions of this <U>Section&nbsp;6(d)</U> for determining whether any transfer
or acquisition of shares of Class C Common Stock would violate the Restrictions and for the orderly application, administration and implementation
of the provisions of this <U>Section&nbsp;6(d)</U>. Any such procedures and regulations shall be kept on file with the Secretary of the
Corporation and with the transfer agent and shall be made available for inspection by any prospective transferee and, upon written request,
shall be mailed to holders of shares of Class C Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors shall have all powers necessary to implement the Restrictions, including without limitation, the power to prohibit
the transfer of any shares of Class C Common Stock in violation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) <I>Reservation of Class A Common Stock</I>. The
Corporation will at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for
the purpose of issuance upon exchange of shares of Class C Common Stock and Common Units for shares of Class A Common Stock pursuant to
the LLC Agreement, such number of shares of Class A Common Stock that shall be issuable upon any such exchange pursuant to the LLC Agreement.
All shares of Class A Common Stock that shall be issued upon any such exchange of shares of Class C Common Stock and Common Units pursuant
to the LLC Agreement will, upon issuance in accordance with the LLC Agreement, be validly issued, fully paid and nonassessable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 7. Shares of Common Stock shall not entitle
any holder thereof to any pre-emptive, subscription or redemption rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 8. If the Corporation at any time effects
any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock
split, reclassification, recapitalization or otherwise) of the Class A Common Stock into a greater or lesser number of shares, the shares
of Class B Common Stock and Class C Common Stock outstanding immediately prior to such subdivision or combination shall be proportionately
similarly subdivided or combined such that the ratio of shares of outstanding Class A Common Stock to shares of outstanding Class B Common
Stock immediately prior to such subdivision or combination shall be maintained immediately after such subdivision or combination and the
ratio of shares of outstanding Class A Common Stock to shares of outstanding Class B Common Stock immediately prior to such subdivision
or combination shall be maintained immediately after such subdivision or combination. If the Corporation at any time effects any subdivision
(by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification,
recapitalization or otherwise) of the Class B Common Stock into a greater or lesser number of shares, the shares of Class A Common Stock
and Class C Common Stock outstanding immediately prior to such subdivision or combination shall be proportionately similarly subdivided
or combined such that the ratio of shares of outstanding Class B Common Stock to shares of outstanding Class A Common Stock immediately
prior to such subdivision or combination shall be maintained immediately after such subdivision or combination and the ratio of shares
of outstanding Class B Common Stock to shares of outstanding Class C Common Stock immediately prior to such subdivision or combination
shall be maintained immediately after such subdivision or combination. If the Corporation at any time effects any subdivision (by any
stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification,
recapitalization or otherwise) of the Class C Common Stock into a greater or lesser number of shares, the shares of Class A Common Stock
and Class B Common Stock outstanding immediately prior to such subdivision or combination shall be proportionately similarly subdivided
or combined such that the ratio of shares of outstanding Class C Common Stock to shares of outstanding Class A Common Stock immediately
prior to such subdivision or combination shall be maintained immediately after such subdivision or combination and the ratio of shares
of outstanding Class C Common Stock to shares of outstanding Class B Common Stock immediately prior to such subdivision or combination
shall be maintained immediately after such subdivision or combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 9. As of the date of this Certificate of
Incorporation, the Board of Directors has provided for the issuance of Series 4 Convertible Preferred Stock with the voting powers, designations,
preferences and relative, participating, option or other special rights, and qualifications as set forth in Exhibit A attached hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 10. As of the date of this Certificate of
Incorporation, the Board of Directors has provided for the issuance of Series 5 Convertible Preferred Stock with the voting powers, designations,
preferences and relative, participating, option or other special rights, and qualifications as set forth in Exhibit B attached hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 11. As of the date of this Certificate of
Incorporation, the Board of Directors has provided for the issuance of Series 6 Convertible Preferred Stock with the voting powers, designations,
preferences and relative, participating, option or other special rights, and qualifications as set forth in Exhibit C attached hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 12. As of the date of this Certificate of
Incorporation, the Board of Directors has provided for the issuance of Series 7 Convertible Preferred Stock with the voting powers, designations,
preferences and relative, participating, option or other special rights, and qualifications as set forth in Exhibit D attached hereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 1. (a) The business and affairs of the Corporation
shall be managed by or under the direction of the Board of Directors. Except as otherwise fixed pursuant to the terms of (i) any outstanding
series of Preferred Stock pursuant to this Certificate of Incorporation (including any Designation relating to such series of Preferred
Stock attached hereto as Exhibit A, B, C or D) or (ii) the Transaction Agreement, dated as of December 21, 2020, by and among Stagwell
Media LP, a Delaware limited partnership (&ldquo;<U>Stagwell</U>&rdquo;), New MDC LLC, a Delaware limited liability company, Midas Merger
Sub 1 LLC, a Delaware limited liability company, and MDC Partners Inc., a Canadian corporation which domesticated as a Delaware corporation
prior to the date hereof and converted into Midas OpCo, the number of directors of the Corporation shall be fixed from time to time by
the Board of Directors. In no event shall a decrease in the number of directors constituting the Board of Directors shorten the term of
any incumbent director.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) The directors of the Corporation, other than
those who may be elected by the holders of any series of Preferred Stock voting separately pursuant to this Certificate of Incorporation
(including any Designation relating to such series of Preferred Stock attached hereto as Exhibit A, B, C or D), shall be elected by the
stockholders entitled to vote thereon at each annual meeting of stockholders. Each director shall be elected annually and shall hold office
until the next annual meeting of stockholders and until his or her respective successor shall have been duly elected and qualified or
until his or her earlier death, resignation or removal. The election of directors need not be by written ballot.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2. Advance notice of nominations for the
election of directors shall be given in the manner and to the extent provided in the By-laws of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 3. (a) Except as otherwise provided for or
fixed by or pursuant to the provisions of this Certificate of Incorporation relating to the rights of the holders of any outstanding series
of Preferred Stock (including any Designation relating to such series of Preferred Stock attached hereto as Exhibit A, B, C or D), newly
created directorships resulting from any increase in the number of directors and any vacancies on the Board of Directors resulting from
death, resignation, removal or other cause shall only be filled by the Board of Directors by the affirmative vote of a majority of the
remaining directors then in office, even though less than a quorum of the Board of Directors, or by a sole remaining director, or if not
so filled, by the stockholders at the next annual meeting thereof. Any director elected in accordance with the first sentence of this
Section 3 shall hold office for a term that shall coincide with the remaining term such director is elected to and until such director&rsquo;s
successor shall have been duly elected and qualified or until his or her earlier resignation or removal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) Any director or the entire Board of Directors
may be removed with or without cause, and, in either case, such removal shall require the affirmative vote of holders of shares representing
at least a majority of the votes entitled to be cast by the then outstanding shares of all classes and series of capital stock of the
Corporation entitled generally to vote on the election of directors of the Corporation. Notwithstanding the foregoing, whenever holders
of outstanding shares of one or more series of Preferred Stock voting separately are entitled to elect directors of the Corporation pursuant
to the provisions of this Certificate of Incorporation (including any Designation relating to such series of Preferred Stock attached
hereto as Exhibit A, B, C or D), any such director of the Corporation so elected may be removed in accordance with this Certificate of
Incorporation (including any such Designation).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 1. Subject to the rights of the holders of
any outstanding series of Preferred Stock, until the first date on which Stagwell and its Permitted Transferees (as defined in the LLC
Agreement), directly or indirectly, cease to beneficially own, in the aggregate, shares of Common Stock representing at least thirty percent
(30%) of the votes entitled to be cast by the then outstanding shares of all classes and series of capital stock of the Corporation entitled
generally to vote on the election of directors of the Corporation (such date, the &ldquo;<U>Trigger Date</U>&rdquo;), any action required
to be taken at any annual or special meeting of the stockholders of the Corporation, or any action which may be taken at any annual or
special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing
(or deemed to be in writing under applicable law), setting forth the action so taken, shall be signed by stockholders (or deemed to be
signed by stockholders under applicable law) representing not less than the minimum number of votes that would be necessary to authorize
or take such actions at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered and dated
as required by law. Prompt notice of the taking of such action without a meeting by less than unanimous written consent shall be given
to those stockholders who have not consented in writing. The Secretary of the Corporation shall file such consents with the minutes of
the meetings of the stockholders. From and after the Trigger Date, any action required to be taken at any annual or special meeting of
the stockholders of the Corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken
only upon the vote of the stockholders at an annual or special meeting duly called and may not be taken by written consent of the stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2. Except as otherwise required by law and
subject to the rights of the holders of any outstanding series of Preferred Stock, special meetings of stockholders of the Corporation
may only be called by (a) the Chairman of the Board of Directors or (b) the Board of Directors pursuant to a resolution approved by a
majority of the entire Board of Directors (the entire Board of Directors being the total number of authorized directors, whether or not
there exist any vacancies or unfilled previously authorized directorships); <U>provided</U>, <U>however</U>, that until the Trigger Date,
special meetings of stockholders of the Corporation shall also be called by the Secretary of the Corporation at the request of the holders
of at least thirty percent (30%) of the votes entitled to be cast by the then outstanding shares of all classes and series of capital
stock of the Corporation entitled generally to vote on the election of directors of the Corporation or as otherwise provided in the By-laws
of the Corporation. From and after the Trigger Date, the stockholders of the Corporation shall not have the power to call a special meeting
of the stockholders of the Corporation or to request the Secretary of the Corporation to call a special meeting of the stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In furtherance and not in limitation of the powers
conferred upon it by law, the Board of Directors is expressly authorized to adopt, repeal, alter or amend the By-laws of the Corporation
by the vote of a majority of the entire Board of Directors. In addition to any requirements of law and any other provision of this Certificate
of Incorporation (and notwithstanding the fact that a lesser percentage may be specified by law), the affirmative vote of the holders
of at least a majority of the combined voting power of the then outstanding shares of all classes and series of capital stock of the Corporation
entitled generally to vote in the election of directors of the Corporation, voting together as a single class, shall be required for stockholders
to adopt, amend, alter or repeal any provision of the By-laws of the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Corporation reserves the right to amend, alter
or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and all
rights conferred upon stockholders herein are subject to this reservation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 1. To the fullest extent that the DGCL or
any other law of the State of Delaware as it exists or as it may hereafter be amended permits the limitation or elimination of the liability
of directors, no director of the Corporation shall be liable to the Corporation or its stockholders for monetary damages for breach of
fiduciary duty as a director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2. To the fullest extent that the DGCL or
any other law of the State of Delaware as it exists or as it may hereafter be amended permits, including to the extent that such law or
amendment permits the Corporation to provide broader indemnification rights than permitted prior to such law or amendment, the Corporation
may provide indemnification of (and advancement of expenses to) its current and former directors, officers and agents (and any other persons
to which the DGCL permits the Corporation to provide indemnification) through By-law provisions, agreements with such agents or other
persons, votes of stockholders or disinterested directors or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 3. No amendment to or repeal of any Section
of this Article IX, nor the adoption of any provision of this Certificate of Incorporation inconsistent with this Article IX, shall eliminate
or reduce the effect of this Article IX in respect of any matter occurring, or any action or proceeding accruing or arising, prior to
such amendment, repeal or adoption of an inconsistent provision.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 1. In recognition and anticipation that Exempted
Persons (as defined below) (i) currently or may in the future serve as directors, officers or agents of the Corporation or its Subsidiaries
(as defined below), (ii) currently or may in the future have access to information about the Corporation and its Subsidiaries that may,
to the fullest extent permitted by applicable law, enhance each such Exempted Person&rsquo;s knowledge and understanding of (A) the industries
in which the Corporation and its Subsidiaries operate (collectively, &ldquo;<U>Acquired Knowledge</U>&rdquo;), (B) the activities in which
the Corporation and its Subsidiaries now engage, may continue to engage or may in the future engage (which shall include, without limitation,
other business activities that overlap with or compete with those in which the Corporation and its Affiliates (as defined below) and Subsidiaries
may engage directly or indirectly) or (C) related lines of business in which the Corporation or its Subsidiaries may engage directly or
indirectly and (iii) currently or may in the future have an interest in the same or similar areas of corporate opportunity as the Corporation
or its Subsidiaries may have an interest directly or indirectly, the provisions of this Article X are set forth to regulate and define,
to the fullest extent permitted by the DGCL and other applicable law, the conduct of certain affairs of the Corporation and its Subsidiaries
with respect to certain classes or categories of business opportunities as they may involve an Exempted Person, and the powers, rights,
duties and liabilities of the Corporation and its Subsidiaries and their respective direct or indirect partners, members, and stockholders
in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2. (a) Notwithstanding any provision of this
Certificate of Incorporation to the contrary, to the fullest extent permitted by the DGCL and other applicable law, if any Exempted Person
acquires knowledge of a potential Corporate Opportunity (as defined below) or otherwise is then exploiting any Corporate Opportunity,
the Corporation and its Affiliates and Subsidiaries shall have no interest or expectancy in such Corporate Opportunity, or in being offered
an opportunity to participate in such Corporate Opportunity, and any interest or expectancy in any Corporate Opportunity or any expectation
in being offered the opportunity to participate in any Corporate Opportunity is hereby renounced and waived so that, such Exempted Person,
to the fullest extent permitted by the DGCL and other applicable law, (i) shall have no duty (fiduciary, contractual or otherwise) to
communicate or present such Corporate Opportunity to the Corporation or any of its Affiliates or Subsidiaries or any stockholder; (ii)
shall have the right to hold or pursue, directly or indirectly, any such Corporate Opportunity for such Exempted Person&rsquo;s own account
and benefit or such Exempted Person may direct such Corporate Opportunity to another Person (as defined below); and (iii) shall not be
liable to the Corporation, any of its Affiliates or Subsidiaries, their respective Affiliates or their respective direct or indirect partners,
members or stockholders, for breach of any duty (fiduciary, contractual or otherwise) as a stockholder, director or officer of the Corporation
or otherwise by reason of the fact that it pursues or acquires such Corporate Opportunity, directs such Corporate Opportunity to another
Person or does not communicate information regarding such Corporate Opportunity to the Corporation or any of its Affiliates or Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) The Corporation hereby expressly acknowledges
and agrees that the Exempted Persons have the right to, and shall have no duty (contractual or otherwise) not to, (i) directly or indirectly
engage in the same or similar business activities or lines of business as the Corporation or any of its Subsidiaries engages or proposes
to engage, on such Exempted Person&rsquo;s own behalf, or in partnership with, or as an employee, officer, director, member or stockholder
of any other Person, including those lines of business deemed to be competing with the Corporation or any of its Subsidiaries; (ii) do
business with any potential or actual customer or supplier of the Corporation or any of its Affiliates or Subsidiaries; and (iii) employ
or otherwise engage any officer or employee of the Corporation or any of its Affiliates or Subsidiaries. The Corporation hereby expressly
acknowledges and agrees that neither the Corporation nor any of its Affiliates or Subsidiaries nor any stockholder shall have any rights
in and to the business ventures of any Exempted Person, or the income or profits derived therefrom. To the fullest extent permitted by
the DGCL and other applicable law, none of the Exempted Persons shall be liable to the Corporation, any of its Affiliates or Subsidiaries,
their respective Affiliates or their respective direct or indirect partners, members, or stockholders, for breach of any duty (fiduciary,
contractual or otherwise) as a stockholder, director or officer of the Corporation or otherwise by reason that such Exempted Person is
engaging in any activities or lines of business or competing with the Corporation or its Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) The Corporation hereby acknowledges and agrees
that, to the fullest extent permitted by the DGCL and other applicable law, (i) in the event of any conflict of interest between the Corporation
or any of its Subsidiaries, on the one hand, and any Exempted Person, on the other hand, such Exempted Person may act in its best interest
or in the best interest of any other Exempted Person and (ii) no Exempted Person shall be obligated to (A) reveal to the Corporation or
any of its Subsidiaries confidential information belonging to or relating to the business of any Exempted Person or (B) recommend or take
any action in its capacity as stockholder, director or officer, as the case may be, that prefers the interest of the Corporation or any
of its Subsidiaries over the interest of any Exempted Person.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) The Corporation hereby acknowledges and agrees
that, to the fullest extent permitted by the DGCL and other applicable law, each Exempted Person is not restricted from using Acquired
Knowledge in making investment, voting, monitoring, governance or other decisions relating to other entities or securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 3. Any Person purchasing or otherwise acquiring
any interest in any shares of the capital stock of the Corporation shall be deemed to have notice of and to have consented to the provisions
of this Article X.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 4. For purposes of this Article X, a director
who is Chairman of the Board of Directors or chairman of a committee of the Board of Directors is not deemed an officer of the Corporation
by reason of holding that position unless that person is a full-time employee of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 5. If this Article X or any portion hereof
shall be invalidated or held to be unenforceable on any ground by any court of competent jurisdiction, the decision of which shall not
have been reversed on appeal, this Article X shall be deemed to be modified to the minimum extent necessary to avoid a violation of law
and, as so modified, this Article X and the remaining provisions hereof shall remain valid and enforceable in accordance with their terms
to the fullest extent permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 6. For the purposes of this Article X,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &ldquo;<U>Affiliate</U>&rdquo; means a Person
that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another
Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) &ldquo;<U>Corporate Opportunity</U>&rdquo; means
(i) an investment or business opportunity or activity, including without limitation those that might be considered the same as or similar
to the Corporation&rsquo;s business or the business of any Affiliate or Subsidiary of the Corporation, including those deemed to be competing
with the Corporation or any Affiliate or Subsidiary of the Corporation, or (ii) a prospective economic or competitive advantage in which
the Corporation or any Affiliate or Subsidiary of the Corporation could have an interest or expectancy. In addition to and notwithstanding
the foregoing, a Corporate Opportunity shall not be deemed to be a potential opportunity for the Corporation or any Affiliates or Subsidiary
if it is a business opportunity that (i) the Corporation, Affiliate or Subsidiary, as applicable, is not financially able or contractually
permitted or legally able to undertake, (ii) from its nature, is not in the line of the Corporation&rsquo;s, Affiliate&rsquo;s or Subsidiary&rsquo;s,
as applicable, business or is of no practical advantage to it or (iii) is one in which the Corporation, Affiliate or Subsidiary, as applicable,
has no interest or reasonable expectancy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) &ldquo;<U>Exempted Person</U>&rdquo; means each
Person that is a director of the Corporation who is not an employee of the Corporation of any of its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) &ldquo;<U>Person</U>&rdquo; means any individual,
corporation, partnership, unincorporated association or other entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) &ldquo;<U>Subsidiary</U>&rdquo; with respect
to any Person means: (i) a corporation, a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors
is at the time, directly or indirectly owned by such Person, by a Subsidiary of such Person, or by such Person and one or more Subsidiaries
of such Person, without regard to whether the voting of such capital stock is subject to a voting agreement or similar restriction, (ii)
a partnership or limited liability company in which such Person or a Subsidiary of such Person is, at the date of determination, (A) in
the case of a partnership, a general partner of such partnership with the power affirmatively to direct the policies and management of
such partnership or (B) in the case of a limited liability company, the managing member or, in the absence of a managing member, a member
with the power affirmatively to direct the policies and management of such limited liability company or (iii) any other Person (other
than a corporation) in which such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person, directly
or indirectly, at the date of determination thereof, has (A) the power to elect or direct the election of a majority of the members of
the governing body of such Person (whether or not such power is subject to a voting agreement or similar restriction) or (B) in the absence
of such a governing body, a majority ownership interest.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Corporation expressly opts out of, and elects
not to be governed by the &ldquo;Business Combinations with Interested Stockholders&rdquo; provisions contained in Section 203 of the
DGCL (&ldquo;<U>Section 203</U>&rdquo;), as permitted under Subsection 203(b) of the DGCL, until the first date on which Stagwell and
its Permitted Transferees, directly or indirectly, cease to beneficially own, in the aggregate, shares of Common Stock representing at
least five percent (5%) of the votes entitled to be cast by the then outstanding shares of all classes and series of capital stock of
the Corporation entitled generally to vote on the election of directors of the Corporation. From and after such date, the Corporation
shall be governed by Section&nbsp;203 so long as Section&nbsp;203 by its terms would apply to the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless the Corporation consents in writing to the
selection of an alternative forum, the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Corporation,
(b) any action or proceeding asserting a claim of breach of a fiduciary duty owed by any current or former director, officer or other
employee or stockholder of the Corporation to the Corporation or the Corporation&rsquo;s stockholders, (c) any action or proceeding asserting
a claim arising pursuant to any provision of the DGCL (or any successor provision thereto) or as to which the DGCL (or any successor provision
thereto) confers jurisdiction on the Court of Chancery of the State of Delaware, (d) any action or proceeding asserting a claim against
the corporation or any current or former directors, officer or other employee of the corporation arising pursuant to any provision of
the DGCL, this Certificate of Incorporation or the By-Laws of the Corporation (as each may be amended form time to time), (e) any action
or proceeding asserting a claim governed by the internal affairs doctrine or (f) any other action or proceeding asserting an &ldquo;internal
corporate claim&rdquo; as that term is defined in Section 115 of the DGCL shall be the Court of Chancery of the State of Delaware, in
all cases to the fullest extent permitted by law, or, if the Court of Chancery of the State of Delaware does not have jurisdiction, any
other state or federal court located within the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless the Corporation consents in writing to the
selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted
by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act
of 1933, as amended.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Corporation is to have perpetual existence.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any provision (or any part thereof) of this Certificate
of Incorporation shall be held invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity,
legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Certificate of Incorporation
(including, without limitation, each portion of any section of this Certificate of Incorporation containing any such provision held to
be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected
or impaired thereby and (ii) to the fullest extent possible, the provisions of this Certificate of Incorporation (including, without limitation,
each such portion of any section containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as
to permit the Corporation to protect its directors, officers, employees and agents from personal liability in respect of their good faith
service or for the benefit of the Corporation to the fullest extent permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of Page Intentionally Left Blank</I>]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned, as the Incorporator, executes this Certificate of
Incorporation this 27<SUP>th</SUP> day of July, 2021.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">MDC Partners Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>/s/ Frank Lanuto</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Frank Lanuto</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporator</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESIGNATION<BR>
OF<BR>
SERIES 4 CONVERTIBLE PREFERRED STOCK<BR>
OF<BR>
MDC PARTNERS INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation
and Amount</U>. The designation of this series of Preferred Stock is &ldquo;Series 4 Convertible Preferred Stock&rdquo; (the &ldquo;<U>Series
4 Preferred Shares</U>&rdquo;), $0.001, and the number of shares constituting such series is Ninety-Five Thousand (95,000). Subject to
the Certificate of Incorporation, such number of shares may be increased or decreased by resolution of the Board of Directors; provided,
however, that no decrease shall reduce the number of shares of Series 4 Preferred Shares to less than the number of shares then issued
and outstanding plus the number of shares issuable upon exercise of outstanding rights, options or warrants or upon conversion of outstanding
securities issued by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Participating
Dividends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.6in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
holder of issued and outstanding Series 4 Preferred Shares will be entitled to receive, when, as and if declared by the Board of Directors,
out of funds legally available for the payment of dividends for each Series 4 Preferred Share, dividends of the same type as any dividends
or other distribution, whether in cash, in kind or in other property, payable or to be made on outstanding Class A Subordinate Voting
Shares of the Corporation (the &ldquo;<U>Class A Shares</U>&rdquo;), in an amount equal to the amount of such dividends or other distribution
as would be made on the number of Class A Shares into which such Series 4 Preferred Shares could be converted on the applicable record
date for such dividends or other distribution on the Class A Shares, without giving effect to the limitations set forth in SECTION 6(b)
after aggregating all shares held by the same holder (the &ldquo;<U>Participating Dividends</U>&rdquo;) and disregarding any rounding
for fractional amounts; <U>provided</U>, <U>however</U>, that notwithstanding the above, the holders of Series 4 Preferred Shares shall
not be entitled to receive any dividends or distributions for which an adjustment to the Conversion Price (as defined below) shall be
made pursuant to SECTION 6(f)(i)(A) or SECTION 6(f)(ii) (and such dividends or distributions that are not payable to the holders of Series
4 Preferred Shares as a result of this proviso shall not be deemed to be Participating Dividends).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.6in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participating
Dividends are payable at the same time as and when such dividends or other distributions on the Class A Shares are paid to the holders
of Class A Shares and are payable to holders of record of Series 4 Preferred Shares on the record date for the corresponding dividend
or distribution on the Class A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Dividends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.6in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the occurrence of a Specified Event, each holder of issued and outstanding Series 4 Preferred Shares will be entitled to receive, when,
as and if declared by the Board of Directors, out of funds legally available for the payment of dividends for each Series 4 Preferred
Share, with respect to each Dividend Period, dividends at a rate per annum equal to the Additional Rate multiplied by the Base Liquidation
Preference per Series 4 Preferred Share (the &ldquo;<U>Additional Dividends</U>&rdquo; and, together with Participating Dividends, the
 &ldquo;<U>Dividends</U>&rdquo;). Any Additional Dividends payable pursuant to this SECTION 2(b) shall be in addition to any Participating
Dividends, as applicable, payable pursuant to SECTION 2(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Dividends will accrue on a daily basis and be cumulative from the date on which a Specified Event occurs and are payable in arrears on
each Dividend Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Dividends in respect of any Dividend Period shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount
of Additional Dividends payable for any Dividend Period shorter or longer than a full quarterly Dividend Period will be computed on the
basis of a 360-day year consisting of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Dividends that are declared and payable on a Dividend Payment Date will be paid to the holders of record of Series 4 Preferred Shares
as they appear in the records of the Corporation at the close of business on the 15th day of the calendar month prior to the month in
which the applicable Dividend Payment Date falls, provided that Additional Dividends payable upon redemption or conversion of Series 4
Preferred Shares will be payable to the holder of record on the Redemption Date or the Conversion Date, as applicable. Any payment of
an Additional Dividend will first be credited against the earliest accumulated but unpaid Additional Dividend due with respect to each
share that remains payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Dividends are payable only in cash. Additional Dividends will accrue and cumulate whether or not the Corporation has earnings or profits,
whether or not there are funds legally available for the payment of Additional Dividends and whether or not Additional Dividends are declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
a Specified Event has occurred and while any Series 4 Preferred Shares remain outstanding, unless all Additional Dividends accrued to
the end of all completed Dividend Periods have been paid in full, neither the Corporation nor any of its subsidiaries may (A) declare,
pay or set aside for payment any dividends or distributions on any Junior Securities or (B) repurchase, redeem or otherwise acquire any
Junior Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of SECTION 2(b)(vi) shall not prohibit:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;the repurchase, redemption, retirement
or other acquisition of vested or unvested Common Shares held by any future, present or former officer, director, employee, manager or
consultant (or their respective permitted transferees) of the Corporation or any subsidiary of the Corporation pursuant to any equity
incentive grant, plan, program or arrangement, any severance agreement or any stock subscription or equityholder agreement, in each case
solely to the extent required by the terms thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(B)&nbsp;payments made or expected to be made
by the Corporation in respect of withholding or similar taxes payable in connection with the exercise or vesting of Common Shares or Class
A Equivalents (as defined below) by any future, present or former officer, director, employee, manager or consultant (or their respective
permitted transferees) of the Corporation or any subsidiary of the Corporation and repurchases or withholdings of Common Shares or Class
A Equivalents in connection with any exercise or vesting of Common Shares or Class A Equivalents if such Common Shares or Class A Equivalents
represent all or a portion of the exercise price of, or withholding obligation with respect to, such Common Shares or Class A Equivalents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(C)&nbsp;cash payments made in lieu of issuing
fractional Common Shares in connection with the exercise or vesting of Common Shares or Class A Equivalents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(D)&nbsp;payments arising from agreements of
the Corporation or a subsidiary of the Corporation providing for adjustment of purchase price, deferred consideration, earn outs or similar
obligations, in each case incurred in connection with the purchase or investment by the Corporation or a subsidiary of the Corporation
of or in assets or capital stock of a third party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(E)&nbsp;payments or distributions made pursuant
to any plan or proposal for the liquidation or dissolution of the Corporation or pursuant to any decree or order for relief or made by
any custodian of the Corporation in connection with any voluntary case or proceeding under Title 11 of the U.S. Code or any similar federal,
state or non-U.S. law for the relief of debtors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall pay Dividends (less any tax required to be deducted and withheld by the Corporation), except in case of redemption or
conversion in which case payment of Dividends shall be made on surrender of the certificate, if any, representing the Series 4 Preferred
Shares to be redeemed or converted, by electronic funds transfer or by sending to each holder of Series 4 Preferred Shares a check for
such Dividends payable to the order of such holder or, in the case of joint holders, to the order of all such holders failing written
instructions from them to the contrary or in such other manner, not contrary to applicable law, as the Corporation shall reasonably determine.
The making of such payment or the posting or delivery of such check on or before the date on which such Dividend is to be paid to a holder
shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Dividends to the extent of the sum
represented thereby (plus the amount of any tax required to be and in fact deducted and withheld by the Corporation from the related Dividends
as aforesaid and remitted to the proper taxing authority) unless such check is not honored when presented for payment. Subject to applicable
law, Dividends which are represented by a check which has not been presented to the Corporation&rsquo;s bankers for payment or that otherwise
remain unclaimed for a period of six years from the date on which they were declared to be payable shall be forfeited to the Corporation.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of the Series 4 Preferred Shares are not entitled to any dividend, whether payable in cash, in kind or other property, in excess of the
Participating Dividends and, if applicable, the Additional Dividends, as provided in this SECTION 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation
Preference</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each Series 4 Preferred Share entitles the holder
thereof to receive and to be paid out of the assets of the Corporation available for distribution, before any distribution or payment
may be made to a holder of any Class A Shares, any Class B Shares of the Corporation (the &ldquo;<U>Class B Shares</U>&rdquo;), any Class
C Shares of the Corporation (the &ldquo;<U>Class C Shares</U>&rdquo;) or any other shares ranking junior as to capital to the Series 4
Preferred Shares, an amount per Series 4 Preferred Share equal to the greater of (i) the Base Liquidation Preference (as defined below),
as increased by the Accretion Rate (as defined below) from the most recent Quarterly Compounding Date to the date of such liquidation,
dissolution or winding up (without duplication of changes to the Base Liquidation Preference as provided for in SECTION 3(b)) plus any
accrued but unpaid Dividends with respect thereto, and (ii) an amount equal to the amount the holders of the Series 4 Preferred Shares
would have received per Series 4 Preferred Share upon liquidation, dissolution or winding up of the Corporation had such holders converted
their Series 4 Preferred Shares into Class A Shares immediately prior thereto, without giving effect to the limitations set forth in SECTION
6(b) and disregarding any rounding for fractional amounts (the greater of the amount in clause (i) and clause (ii), the &ldquo;<U>Liquidation
Preference</U>&rdquo;). Notwithstanding the foregoing or anything in this Designation to the contrary, immediately prior to and conditioned
upon the consummation of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, if the amount set forth
in clause (i) above is greater than the amount set forth in clause (ii) above, any holder of outstanding Series 4 Preferred Shares shall
have the right to convert its Series 4 Preferred Shares into Class A Shares by substituting the Fair Market Value of a Class A Share for
the then-applicable Conversion Price (as defined below) and without giving effect to the limitations set forth in SECTION 6(b) and disregarding
any rounding for fractional amounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 &ldquo;<U>Base Liquidation Preference</U>&rdquo; per Series 4 Preferred Share shall initially be equal to the Original Purchase Price.
From and after the Series 4 Original Issuance Date, the Base Liquidation Preference of each Series 4 Preferred Share shall increase on
a daily basis, on the basis of a 360-day year consisting of twelve 30-day months, at a rate of 8.0% per annum (the &ldquo;<U>Accretion
Rate</U>&rdquo;) of the then-applicable Base Liquidation Preference, the amount of which increase shall compound quarterly on each March
31, June 30, September 30 and December 31 (each, a &ldquo;<U>Quarterly Compounding Date</U>&rdquo;) from the Series 4 Original Issuance
Date through February 14, 2022, following which the Accretion Rate will decrease to 0% per annum and the Base Liquidation Preference per
Series 4 Preferred Share will not increase during any period subsequent to February 14, 2022. The Base Liquidation Preference shall be
proportionally adjusted for any stock dividends, splits, combinations and similar events on the Series 4 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
payment to the holders of the Series 4 Preferred Shares of the full Liquidation Preference to which they are entitled, the Series 4 Preferred
Shares as such will have no right or claim to any of the assets of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of any property not consisting of cash that is distributed by the Corporation to the holders of the Series 4 Preferred Shares will
equal the Fair Market Value thereof on the date of distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this SECTION 3,&nbsp;a Fundamental Change (in and of itself) shall not be deemed to be a liquidation, dissolution or winding
up of the Corporation subject to this SECTION 3 (it being understood that an actual liquidation, dissolution or winding up of the Corporation
in connection with a Fundamental Change will be subject to this SECTION 3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights</U>. The holders of the Series 4 Preferred Shares shall not be entitled as such, except as required by law, to receive notice of
or to attend any meeting of the shareholders of the Corporation or to vote at any such meeting but shall be entitled to receive notice
of meetings of shareholders of the Corporation called for the purpose of authorizing the dissolution of the Corporation or the sale of
its undertaking or a substantial part thereof. The approval of the holders of the Series 4 Preferred Shares with respect to any and all
matters referred to in this Designation may be given in writing by all of the holders of the Series 4 Preferred Shares outstanding or
by resolution duly passed and carried as may then be required by the General Corporation Law of the State of Delaware at a meeting of
the holders of the Series 4 Preferred Shares duly called and held for the purpose of considering the subject matter of such resolution
and at which holders of not less than a majority of all Series 4 Preferred Shares then outstanding are present in person or represented
by proxy in accordance with the by-laws of the Corporation; <U>provided</U>, <U>however</U>, that if at any such meeting, when originally
held, the holders of at least a majority of all Series 4 Preferred Shares then outstanding are not present in person or so represented
by proxy within 30 minutes after the time fixed for the meeting, then the meeting shall be adjourned to such date, being not less than
fifteen (15) days later, and to such time and place as may be fixed by the chairman of such meeting. Notice of any such original meeting
of the holders of the Series 4 Preferred Shares shall be given not less than twenty-one (21) days prior to the date fixed for such meeting
and shall specify in general terms the purpose for which the meeting is called, and notice of any such adjourned meeting shall be given
not less than ten (10) days prior to the date fixed for such adjourned meeting, but it shall not be necessary to specify in such notice
the purpose for which the adjourned meeting is called. The formalities to be observed with respect to the giving of notice of any such
original meeting or adjourned meeting and the conduct of it shall be those from time to time prescribed in the by-laws of the Corporation
with respect to meetings of shareholders. On every poll taken at any such original meeting or adjourned meeting, each holder of Series
4 Preferred Shares present in person or represented by proxy shall be entitled to one vote for each of the Series 4 Preferred Shares held
by such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
for Cancellation</U>. Subject to such provisions of the General Corporation Law of the State of Delaware as may be applicable, the Corporation
may at any time or times purchase (if obtainable) for cancellation all or any part of the Series 4 Preferred Shares outstanding from time
to time: (a) through the facilities of any Exchange or market on which the Series 4 Preferred Shares are listed, (b) by invitation for
tenders addressed to all the holders of record of the Series 4 Preferred Shares outstanding, or (c) in any other manner, in each case
at the lowest price or prices at which, in the opinion of the Board of Directors, such shares are obtainable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Series 4 Preferred Share is convertible into
Class A Shares as provided in this SECTION 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at the Option of Holders of Series 4 Preferred Shares</U>. Subject to SECTION 6(b), each holder of Series 4 Preferred Shares is entitled
to convert, in whole at any time and from time to time, and in part at any time and from time to time after the ninetieth day following
the Series 4 Original Issuance Date, at the option and election of such holder upon receipt of all antitrust approvals required in connection
with such conversion (or the lapse of any applicable waiting period relating to such required antitrust approvals), any or all outstanding
Series 4 Preferred Shares held by such holder into a number of duly authorized, validly issued, fully paid and nonassessable Class A Shares
equal to the number (the &ldquo;<U>Conversion Amount</U>&rdquo;) determined by dividing (i)&nbsp;the Base Liquidation Preference (as adjusted
pursuant to SECTION 3(b) to the date immediately preceding the Conversion Date (as defined below)) for each Series 4 Preferred Share to
be converted by (ii)&nbsp;the Conversion Price in effect at the time of conversion. The &ldquo;<U>Conversion Price</U>&rdquo; initially
is $10.00 per share, as adjusted from time to time as provided in SECTION 6(f). In order to convert the Series 4 Preferred Shares into
Class A Shares, the holder must surrender the certificates representing such Series 4 Preferred Shares, accompanied by transfer instruments
satisfactory to the Corporation, free of any adverse interest or liens at the office of the Corporation&rsquo;s transfer agent for the
Series 4 Preferred Shares, together with written notice that such holder elects to convert all or such number of shares represented by
such certificates as specified therein. With respect to a conversion pursuant to this SECTION 6(a), the date of receipt of such certificates,
together with such notice and such other information or documents as may be required by the Corporation (including any certificates delivered
pursuant to SECTION 6(b)), by the transfer agent or the Corporation will be the date of conversion (the &ldquo;<U>Conversion Date</U>&rdquo;)
and the Conversion Date with respect to a conversion pursuant to SECTION 6(c) will be as provided in such section.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Conversion</U>. Notwithstanding SECTION 6(a) or SECTION 6(c) but subject to SECTION 8, the Corporation shall not effect any conversion
of the Series 4 Preferred Shares or otherwise issue Class A Shares pursuant to SECTION 6(a) or SECTION 6(c), and no holder of Series 4
Preferred Shares will be permitted to convert Series 4 Preferred Shares into Class A Shares if, and to the extent that, following such
conversion, either (i) such holder&rsquo;s aggregate voting power on a matter being voted on by holders of Class A Shares would exceed
19.9% of the Maximum Voting Power (as defined below) or (ii) such holder would Beneficially Own more than 19.9% of the then outstanding
Common Shares; <U>provided</U>, <U>however</U>, that such conversion restriction shall not apply to any conversion in connection with
and subject to completion of (A) a public sale of the Class A Shares to be issued upon such conversion, if following consummation of such
public sale such holder will not Beneficially Own in excess of 19.9% of the then outstanding Class A Shares or (B) a <I>bona fide </I>third
party tender offer for the Class A Shares issuable thereupon. For purposes of the foregoing sentence, the number of Class A Shares Beneficially
Owned by a holder shall include the number of Class A Shares issuable upon conversion of the Series 4 Preferred Shares with respect to
which a conversion notice has been given, but shall exclude the number of Class A Shares which would be issuable upon conversion or exercise
of the remaining, unconverted portion of the Series 4 Preferred Shares and any Alternative Preference Shares Beneficially Owned by such
holder. Upon the written request of the holder, the Corporation shall within two (2) Business Days confirm in writing (which may be by
email) to any holder the number of Class A Shares, Class B Shares and Class C Shares then outstanding. In connection with any conversion
and as a condition to the Corporation effecting such conversion, upon request of the Corporation, a holder of Series 4 Preferred Shares
shall deliver to the Corporation a certificate, signed by a duly authorized officer of such holder, no less than twelve (12) Business
Days prior to the applicable conversion, certifying that, after giving effect to such conversion, (i) such holder&rsquo;s aggregate voting
power on a matter being voted on by holders of Class A Shares will not exceed 19.9% of the Maximum Voting Power or (ii) such holder will
not Beneficially Own more than 19.9% of the then outstanding Common Shares. For purposes hereof, &ldquo;<U>Maximum Voting Power</U>&rdquo;
means, at the time of determination of the Maximum Voting Power, the total number of votes which may be cast by all shares of the Corporation&rsquo;s
capital on a matter subject to the vote of the Common Shares and any other securities that constitute Voting Stock voting together as
a single class and after giving effect to any limitation on voting power set forth herein and the Certificate of Incorporation, certificate
of designation or other similar document governing other Voting Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at the Option of the Corporation</U>. Subject to SECTION 6(b) and SECTION 8, at the Corporation&rsquo;s option and election and upon its
compliance with this SECTION 6(c), and in the case of the Investor and any Permitted Transferee upon receipt of all antitrust approvals
required in connection with such conversion (or the lapse of any applicable waiting period relating to such required antitrust approvals),
all outstanding Series 4 Preferred Shares shall be converted automatically into a number of duly authorized, validly issued, fully paid
and nonassessable Class A Shares equal to the Conversion Amount following written notice by the Corporation to the holders of Series 4
Preferred Shares notifying such holders of the conversion contemplated by this SECTION 6(c), which conversion shall occur on the date
specified in such notice, which shall not be less than ten (10) Business Days following the date of such notice (or in the case of the
Investor and any Permitted Transferee the later of (A) the date of receipt of all antitrust approvals required in connection with such
conversion (or the lapse of any applicable waiting period relating to such required antitrust approvals)) and (B) ten (10) Business Days
following the date of such notice), <U>provided</U>, that (i) prior to February 14, 2022, such notice may be delivered by the Corporation
(and such Series 4 Preferred Shares may be converted into Class A Shares pursuant to this SECTION 6(c)) only if the Closing Price per
Class A Share for the thirty (30) consecutive Trading Day period ending on the Trading Day immediately prior to delivery of a notice of
conversion pursuant to this SECTION 6(c) was at or above 125% of the then-applicable Conversion Price and (ii) following February 14,
2022, such notice may be delivered by the Corporation (and such Series 4 Preferred Shares may be converted into Class A Shares pursuant
to this SECTION 6(c)) only if the Closing Price per Class A Share for the thirty (30) consecutive Trading Day period ending on the Trading
Day immediately prior to delivery of a notice of conversion pursuant to this SECTION 6(c) was at or above 100% of the then-applicable
Conversion Price; <U>provided further</U>, that following a Specified Event, the Corporation shall not be entitled to convert the Series
4 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, the holders of Series 4 Preferred Shares
shall continue to have the right to convert their Series 4 Preferred Shares pursuant to SECTION 6(a) until and through the Conversion
Date contemplated in this SECTION 6(c) and if such Series 4 Preferred Shares are converted pursuant to SECTION 6(a) such shares shall
no longer be converted pursuant to this SECTION 6(c) and the Corporation&rsquo;s notice delivered to the holders pursuant to this SECTION
6(c) shall be of no effect with respect to such shares converted pursuant to SECTION 6(a).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fractional
Shares</U>. No fractional Class A Shares will be issued upon conversion of the Series 4 Preferred Shares. In lieu of fractional shares,
the Corporation shall round, to the nearest whole number, the number of Class A Shares to be issued upon conversion of the Series 4 Preferred
Shares. If more than one Series 4 Preferred Share is being converted at one time by or for the benefit of the same holder, then the number
of full shares issuable upon conversion will be calculated on the basis of the aggregate number of Series 4 Preferred Shares converted
by or for the benefit of such holder at such time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mechanics
of Conversion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.6in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after the Conversion Date (and in any event within three (3) Business Days), the Corporation shall (A) issue and deliver to such holder
the number of Class A Shares to which such holder is entitled in exchange for the certificates formerly representing Series 4 Preferred
Shares and (B) pay to such holder, to the extent of funds legally available therefor, all declared and unpaid Dividends on the Series
4 Preferred Shares that are being converted into Class A Shares; <U>provided</U>, that any accrued and unpaid Dividends not paid to such
holder pursuant to the foregoing clause (B) shall, subject to SECTION 6(b), be converted into a number of duly authorized, validly issued,
fully paid and nonassessable Class A Shares equal to the number determined by dividing (x) the aggregate amount of such accrued and unpaid
Dividends on the Series 4 Preferred Shares that are being converted by (y) the then current Conversion Price. Such conversion will be
deemed to have been made on the Conversion Date, and the person entitled to receive the Class A Shares issuable upon such conversion shall
be treated for all purposes as the record holder of such Class A Shares on such Conversion Date. In case fewer than all the shares represented
by any such certificate are to be converted, a new certificate shall be issued representing the unconverted shares without cost to the
holder thereof, except for any documentary, stamp or similar issue or transfer tax due because any certificates for Class A Shares or
Series 4 Preferred Shares are issued in a name other than the name of the converting holder. The Corporation shall pay any documentary,
stamp or similar issue or transfer tax due on the issue of Class A Shares upon conversion or due upon the issuance of a new certificate
for any Series 4 Preferred Shares not converted other than any such tax due because Class A Shares or a certificate for Series 4 Preferred
Shares are issued in a name other than the name of the converting holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.6in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the Conversion Date, the Series 4 Preferred Shares to be converted on such Conversion Date will no longer be deemed to be outstanding,
and all rights of the holder thereof as a holder of Series 4 Preferred Shares (except the right to receive from the Corporation the Class
A Shares upon conversion, together with the right to receive any accrued and unpaid Dividends thereon) shall cease and terminate with
respect to such shares; <U>provided</U>, that in the event that a Series 4 Preferred Share is not converted, such Series 4 Preferred Share
will remain outstanding and will be entitled to all of the rights as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.6in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the conversion is in connection with any sale, transfer or other disposition of the Class A Shares issuable upon conversion of the Series
4 Preferred Shares, the conversion may, at the option of any holder tendering any Series 4 Preferred Share for conversion, be conditioned
upon the closing of the sale, transfer or the disposition of Class A Shares issuable upon conversion of Series 4 Preferred Shares with
the underwriter, transferee or other acquirer in such sale, transfer or disposition, in which event such conversion of such Series 4 Preferred
Shares shall not be deemed to have occurred until immediately prior to the closing of such sale, transfer or other disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.6in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Class A Shares issued upon conversion of the Series 4 Preferred Shares will, upon issuance by the Corporation, be duly and validly issued,
fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments
to Conversion Price</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.6in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Change In Share Capital</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;If the Corporation shall, at any time
and from time to time while any Series 4 Preferred Shares are outstanding, issue a dividend or make a distribution on its Class A Shares
payable in its Class A Shares to all or substantially all holders of its Class A Shares, then the Conversion Price at the opening of business
on the Ex-Dividend Date for such dividend or distribution will be adjusted by multiplying such Conversion Price by a fraction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;the numerator of which
shall be the number of Class A Shares outstanding at the close of business on the Business Day immediately preceding such Ex-Dividend
Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;the denominator of which
shall be the sum of the number of Class A Shares outstanding at the close of business on the Business Day immediately preceding the Ex-Dividend
Date for such dividend or distribution, plus the total number of Class A Shares constituting such dividend or other distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any dividend or distribution of the type described
in this SECTION 6(f)(i)(A) is declared but not so paid or made, the Conversion Price shall again be adjusted to the Conversion Price which
would then be in effect if such dividend or distribution had not been declared. Except as set forth in the preceding sentence, in no event
shall the Conversion Price be increased pursuant to this SECTION 6(f)(i)(A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(B)&nbsp;If the Corporation shall, at any time
or from time to time while any of the Series 4 Preferred Shares are outstanding, subdivide or reclassify its outstanding Class A Shares
into a greater number of Class A Shares, then the Conversion Price in effect at the opening of business on the day upon which such subdivision
becomes effective shall be proportionately decreased, and conversely, if the Corporation shall, at any time or from time to time while
any of the Series 4 Preferred Shares are outstanding, combine or reclassify its outstanding Class A Shares into a smaller number of Class
A Shares, then the Conversion Price in effect at the opening of business on the day upon which such combination or reclassification becomes
effective shall be proportionately increased. In each such case, the Conversion Price shall be adjusted by multiplying such Conversion
Price by a fraction, the numerator of which shall be the number of Class A Shares outstanding immediately prior to such subdivision or
combination and the denominator of which shall be the number of Class A Shares outstanding immediately after giving effect to such subdivision,
combination or reclassification. Such increase or reduction, as the case may be, shall become effective immediately after the opening
of business on the day upon which such subdivision, combination or reclassification becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Rights Issue</U>. If the Corporation shall, at any time or from time to time, while any Series 4 Preferred Shares are outstanding,
distribute rights, options or warrants to all or substantially all holders of its Class A Shares entitling them, for a period expiring
within sixty (60) days after the record date for such distribution, to purchase Class A Shares, or securities convertible into, or exchangeable
or exercisable for, Class A Shares, in either case, at less than the average of the Closing Prices for the five (5) consecutive Trading
Days immediately preceding the first public announcement of the distribution, then the Conversion Price shall be adjusted so that the
same shall equal the rate determined by multiplying the Conversion Price in effect at the opening of business on the Ex-Dividend Date
for such distribution by a fraction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;the numerator of which shall be the
sum of (1) the number of Class A Shares Outstanding on the close of business on the Business Day immediately preceding the Ex-Dividend
Date for such distribution, plus (2) the number of Class A Shares that the aggregate offering price of the total number of Class A Shares
issuable pursuant to such rights, options or warrants would purchase at the Current Market Price of the Class A Shares on the declaration
date for such distribution (determined by multiplying such total number of Class A Shares so offered by the exercise price of such rights,
options or warrants and dividing the product so obtained by such Current Market Price); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(B)&nbsp;the denominator of which shall be the
number of Class A Shares Outstanding at the close of business on the Business Day immediately preceding the Ex-Dividend Date for such
distribution, plus the total number of additional Class A Shares issuable pursuant to such rights, options or warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;<U>Class A Shares Outstanding</U>&rdquo;
shall mean, without duplication, and include the following, and the following shall be included whether vested or unvested, whether contingent
or non-contingent and whether exercisable or not yet exercisable, and without regard to any other limitations or restrictions on conversion
or exercise:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;the number of Class A Shares,
Class B Shares and Class C Shares then outstanding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;all Class A Shares issuable
upon conversion of outstanding Series 4 Preferred Shares; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;all Class A Shares issuable
upon exercise of outstanding options and any other Convertible Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Such adjustment shall become effective immediately
after the opening of business on the Ex-Dividend Date for such distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that Class A Shares are not delivered
pursuant to such rights, options or warrants or upon the expiration or termination of such rights, options or warrants, the Conversion
Price shall be readjusted to the Conversion Price that would then be in effect had the adjustments made upon the issuance of such rights,
options or warrants been made on the basis of the delivery of only the number of Class A Shares actually delivered. In the event that
such rights, options or warrants are not so distributed, the Conversion Price shall again be adjusted to be the Conversion Price which
would then be in effect if the Ex-Dividend Date for such distribution had not occurred. In determining whether any rights, options or
warrants entitle the holders to purchase Class A Shares at less than the average of the Closing Prices for the five (5) consecutive Trading
Days immediately preceding the first public announcement of the relevant distribution, and in determining the aggregate offering price
of such Class A Shares, there shall be taken into account any consideration received for such rights, options or warrants and the value
of such consideration if other than cash, to be determined in good faith by the Board of Directors. Except as set forth in this paragraph,
in no event shall the Conversion Price be increased pursuant to this SECTION 6(f)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Certain Tender Offers or Exchange Offers</U>. In case the Corporation or any of its Subsidiaries shall, at any time or from time to
time, while any Series 4 Preferred Shares are outstanding, distribute cash or other consideration in respect of a tender offer or an exchange
offer (that is treated as a &ldquo;<U>tender offer</U>&rdquo; under U.S. federal securities laws) made by the Corporation or any Subsidiary
for all or any portion of the Class A Shares, where the sum of the aggregate amount of such cash distributed and the aggregate Fair Market
Value, as of the Expiration Date (as defined below), of such other consideration distributed (such sum, the &ldquo;<U>Aggregate Amount</U>&rdquo;)
expressed as an amount per Class A Share validly tendered or exchanged, and not withdrawn, pursuant to such tender offer or exchange offer
as of the Expiration Time (as defined below) (such tendered or exchanged Class A Shares, the &ldquo;<U>Purchased Shares</U>&rdquo;) exceeds
the Closing Price per share of the Class A Shares on the Trading Day immediately following the last date (such last date, the &ldquo;<U>Expiration
Date</U>&rdquo;) on which tenders or exchanges could have been made pursuant to such tender offer or exchange offer (as the same may be
amended through the Expiration Date), then, and in each case, immediately after the close of business on such date, the Conversion Price
shall be decreased so that the same shall equal the rate determined by multiplying the Conversion Price in effect immediately prior to
the close of business on the Trading Day immediately following the Expiration Date by a fraction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;the numerator of which shall be equal
to the product of (1)&nbsp;the number of Class A Shares outstanding as of the last time (the &ldquo;<U>Expiration Time</U>&rdquo;) at
which tenders or exchanges could have been made pursuant to such tender offer or exchange offer (including all Purchased Shares) and (2)&nbsp;the
Closing Price per share of the Class A Shares on the Trading Day immediately following the Expiration Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(B)&nbsp;the denominator of which is equal to
the sum of (x)&nbsp;the Aggregate Amount and (y)&nbsp;the product of (I)&nbsp;an amount equal to (1)&nbsp;the number of Class A Shares
outstanding as of the Expiration Time, less (2)&nbsp;the Purchased Shares and (II)&nbsp;the Closing Price per share of the Class A Shares
on the Trading Day immediately following the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An adjustment, if any, to the Conversion Price
pursuant to this SECTION 6(f)(iii) shall become effective immediately prior to the opening of business on the second Trading Day immediately
following the Expiration Date. In the event that the Corporation or a Subsidiary is obligated to purchase Class A Shares pursuant to any
such tender offer or exchange offer, but the Corporation or such Subsidiary is permanently prevented by applicable law from effecting
any such purchases, or all such purchases are rescinded, then the Conversion Price shall again be adjusted to be the Conversion Price
which would then be in effect if such tender offer or exchange offer had not been made. Except as set forth in the preceding sentence,
if the application of this SECTION 6(f)(iii) to any tender offer or exchange offer would result in an increase in the Conversion Price,
no adjustment shall be made for such tender offer or exchange offer under this SECTION 6(f)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disposition
Events</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;If any of the following events (any
such event, a &ldquo;<U>Disposition Event</U>&rdquo;) occurs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">(1)&nbsp;&nbsp;&nbsp;any reclassification
or exchange of the Class A Shares (other than as a result of a subdivision or combination);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">(2)&nbsp;&nbsp;&nbsp;any merger, amalgamation,
consolidation or other combination to which the Corporation is a constituent party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">(3)&nbsp;&nbsp;&nbsp;any sale, conveyance,
lease, or other disposal of all or substantially all the properties and assets of the Corporation to any other person;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in each case, as a result of which all of the holders of Class A Shares
shall be entitled to receive cash, securities or other property for their Class A Shares, the Series 4 Preferred Shares converted following
the effective date of any Disposition Event shall be converted, in lieu of the Class A Shares otherwise deliverable, into the same amount
and type (in the same proportion) of cash, securities or other property received by holders of Class A Shares in the relevant event (collectively,
 &ldquo;<U>Reference Property</U>&rdquo;) received upon the occurrence of such Disposition Event by a holder of Class A Shares holding,
immediately prior to the transaction, a number of Class A Shares equal to the Conversion Amount (without giving effect to any limitations
on conversion set forth in SECTION 6(b)) immediately prior to such Disposition Event; <U>provided</U> that if the Disposition Event provides
the holders of Class A Shares with the right to receive more than a single type of consideration determined based in part upon any form
of stockholder election, the Reference Property shall be comprised of the weighted average of the types and amounts of consideration received
by the holders of the Class A Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 123.85pt">(B)&nbsp;The above provisions of this
SECTION 6(f)(iv) shall similarly apply to successive Disposition Events. If this SECTION 6(f)(iv) applies to any event or occurrence,
neither SECTION 6(f)(i) nor SECTION 6(f)(iii) shall apply; <U>provided</U>, <U>however</U>, that this SECTION 6(f)(iv) shall not apply
to any share split or combination to which SECTION 6(f)(i) is applicable or to a liquidation, dissolution or winding up to which SECTION
3 applies. To the extent that equity securities of a company are received by the holders of Class A Shares in connection with a Disposition
Event, the portion of the Series 4 Preferred Shares which will be convertible into such equity securities will continue to be subject
to the anti-dilution adjustments set forth in this SECTION 6(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Certain Issuances of Additional Class A Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;Other than in respect of an issuance
or distribution in respect of which SECTION 6(f)(ii) applies, in the event the Corporation shall at any time after the Series 4 Original
Issuance Date while the Series 4 Preferred Shares are outstanding issue Additional Class A Shares, without consideration or for a consideration
per share less than the applicable Conversion Price immediately prior to such issuance in effect on the date of and immediately prior
to such issue, then and in such event, such Conversion Price shall be reduced, concurrently with such issuance, to a price determined
by multiplying such Conversion Price by a fraction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
numerator of which shall be (a) the number of Class A Shares Outstanding (as defined below) immediately prior to such issuance plus (b)
the number of Class A Shares which the aggregate consideration received or to be received by the Corporation for the total number of Class
A Shares so issued would purchase at such Conversion Price; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
denominator of which shall be (a) the number of Class A Shares Outstanding immediately prior to such issue plus (b) the number of such
Additional Class A Shares so issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">(B)&nbsp;For purposes of this SECTION 6(f)(v), the
term &ldquo;<U>Additional Class A Shares</U>&rdquo; means any Class A Shares or Convertible Security (collectively, &ldquo;<U>Class A
Equivalents</U>&rdquo;) issued by the Corporation after the Series 4 Original Issuance Date, <U>provided</U> that Additional Class A Shares
will not include any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(1)&nbsp;&nbsp;&nbsp;Class A Equivalents issued
in a transaction for which an adjustment to the Conversion Price is made pursuant to SECTION 6(f)(i), SECTION 6(f)(iii) or SECTION 6(f)(iv);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(2)&nbsp;&nbsp;&nbsp;Class A Equivalents issued
or issuable upon conversion of Series 4 Preferred Shares or Alternative Preference Shares or pursuant to the terms of any other Convertible
Security issued and outstanding on the Series 4 Original Issuance Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(3)&nbsp;&nbsp;&nbsp;All Class A Shares, as adjusted
for share dividends, splits, combinations and similar events, validly reserved on the Series 4 Original Issuance Date and issued or issuable
upon the exercise of options or rights issued to employees, officers or directors of, or consultants, advisors or service providers to,
the Corporation or any of its majority- or wholly-owned subsidiaries pursuant to any current equity incentive plans, programs or arrangements
of or adopted by the Corporation, including the Corporation&rsquo;s 2005 Stock Incentive Plan, the Corporation&rsquo;s 2011 Stock Incentive
Plan, the Corporation&rsquo;s 2016 Stock Incentive Plan and the Corporation&rsquo;s Amended and Restated Stock Appreciation Rights Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(4)&nbsp;&nbsp;&nbsp;An unlimited number of Class
A Equivalents issued pursuant to future equity incentive grants, plans, programs or arrangements adopted by the Corporation to the extent
that any Class A Equivalents issued pursuant to this clause (4) shall not exceed three percent (3%) of the Corporation&rsquo;s diluted
weighted average number of common shares outstanding (as calculated for the Corporation&rsquo;s financial reporting purposes) in any fiscal
year, with any unused amounts in any fiscal year being carried over to succeeding fiscal years;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(5)&nbsp;&nbsp;&nbsp;Class A Equivalents issued
in connection with <I>bona fide</I> acquisitions of any entities, businesses and/or related assets or other business combinations by the
Corporation, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, or settlement of deferred liabilities
in connection therewith; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(6)&nbsp;&nbsp;&nbsp;Class A Equivalents issued
in a transaction with respect to which holders of a majority of the Series 4 Preferred Shares purchased securities pursuant to Section
4.11 of the Securities Purchase Agreement or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In the case of the issuance of Additional Class A
Shares for cash, the consideration shall be deemed to be the amount of cash paid therefor before deducting any reasonable discounts, commissions
or other expenses allowed, paid or incurred by the Corporation for any underwriting or otherwise in connection with the issuance and sale
thereof. In the case of the issuance of Additional Class A Shares for consideration in whole or in part other than cash, the consideration
other than cash shall be deemed to be the Fair Market Value thereof. In the case of the issuance of Convertible Securities, the aggregate
maximum number of Class A Shares deliverable upon exercise, conversion or exchange of such Convertible Securities shall be deemed to have
been issued at the time such Convertible Securities were issued and for a consideration equal to the consideration (determined in the
manner provided in this paragraph) if any, received by the Corporation upon the issuance of such Convertible Securities plus the minimum
additional consideration payable pursuant to the terms of such Convertible Securities for the Class A Shares covered thereby, but no further
adjustment shall be made for the actual issuance of Class A Shares upon the exercise, conversion or exchange of any such Convertible Securities.
In the event of any change in the number of Class A Shares deliverable upon exercise, conversion or exchange of Convertible Securities
subject to this SECTION 6(f)(v), including, but not limited to, a change resulting from the anti-dilution provisions thereof, the Conversion
Price shall forthwith be readjusted to such Conversion Price as would have been obtained had the adjustment that was made upon the issuance
of such Convertible Securities not exercised, converted or exchanged prior to such change been made upon the basis of such change. Upon
the expiration or forfeiture of any Additional Class A Shares consisting of options, warrants or other rights to acquire Class A Shares
or Convertible Securities, the termination of any such rights to convert or exchange or the expiration or forfeiture of any options or
rights related to such convertible or exchangeable securities, the Conversion Price, to the extent in any way affected by or computed
using such options, rights or securities or options or rights related to such securities, shall be recomputed to reflect the issuance
of only the number of Class A Shares (and Convertible Securities that remain in effect) actually issued upon the exercise of such options,
warrants or rights, upon the conversion or exchange of such securities or upon the exercise of the options or rights related to such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Minimum
Adjustment</U>. Notwithstanding the foregoing, the Conversion Price will not be reduced if the amount of such reduction would be an amount
less than $0.01, but any such amount will be carried forward and reduction with respect thereto will be made at the time that such amount,
together with any subsequent amounts so carried forward, aggregates to $0.01 or more.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>When
No Adjustment Required</U>. Notwithstanding anything herein to the contrary, no adjustment to the Conversion Price need be made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;for a transaction referred to in SECTION
6(f)(i) or SECTION 6(f)(ii) if the Series 4 Preferred Shares participate, without conversion, in the transaction or event that would otherwise
give rise to an adjustment pursuant to such Section at the same time as holders of the Class A Shares participate with respect to such
transaction or event and on the same terms as holders of the Class A Shares participate with respect to such transaction or event as if
the holders of Series 4 Preferred Shares, at such time, held a number of Class A Shares equal to the Conversion Amount at such time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(B)&nbsp;for rights to purchase Class A Shares
pursuant to any present or future plan by the Corporation for reinvestment of dividends or interest payable on the Corporation&rsquo;s
securities and the investment of additional optional amounts in Class A Shares under any plan; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(C)&nbsp;for any event otherwise requiring an
adjustment under this SECTION 6 if such event is not consummated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules
of Calculation; Treasury Shares</U>. All calculations will be made to the nearest one-hundredth of a cent or to the nearest one-ten thousandth
of a share. Except as explicitly provided herein, the number of Class A Shares outstanding will be calculated on the basis of the number
of issued and outstanding Class A Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>.
Notwithstanding the foregoing, the Conversion Price will not be reduced if the Corporation receives, prior to the effective time of the
adjustment to the Conversion Price, written notice from the holders representing at least a majority of the then outstanding Series 4
Preferred Shares, voting together as a separate class, that no adjustment is to be made as the result of a particular issuance of Class
A Shares or other dividend or other distribution on Class A Shares. This waiver will be limited in scope and will not be valid for any
issuance of Class A Shares or other dividend or other distribution on Class A Shares not specifically provided for in such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Adjustment</U>. Anything in this SECTION 6 notwithstanding, the Corporation shall be entitled to make such downward adjustments in the
Conversion Price, in addition to those required by this SECTION 6, as the Board of Directors in its sole discretion shall determine to
be advisable in order that any event treated for U.S. federal income tax purposes as a dividend or share split will not be taxable to
the holders of Class A Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Duplication</U>. If any action would require adjustment of the Conversion Price pursuant to more than one of the provisions described
in this SECTION 6 in a manner such that such adjustments are duplicative, only one adjustment shall be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Provisions
Governing Adjustment to Conversion Price</U>.&nbsp; Rights, options or warrants distributed by the Corporation to all or substantially
all holders of Class A Shares entitling the holders thereof to subscribe for or purchase shares of the Corporation&rsquo;s capital (either
initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (&ldquo;<U>Rights
Trigger</U>&rdquo;): (A)&nbsp;are deemed to be transferred with such Class A Shares; (B)&nbsp;are not exercisable; and (C)&nbsp;are also
issued in respect of future issuances of Class A Shares, shall be deemed not to have been distributed for purposes of SECTION 6(f)(i),
(ii), (iii), (iv) or (v) (and no adjustment to the Conversion Price under SECTION 6(f)(i), (ii), (iii), (iv) or (v) will be required)
until the occurrence of the earliest Rights Trigger, whereupon such rights, options and warrants shall be deemed to have been distributed,
and (x) if and to the extent such rights, options and warrants are exercisable for Class A Shares or the equivalents thereof, an appropriate
adjustment (if any is required) to the Conversion Price shall be made under SECTION 6(f)(ii) (without giving effect to the sixty (60)
day limit on the exercisability of rights, options and warrants ordinarily subject to such SECTION 6(f)(ii)), and/or (y) if and to the
extent such rights, options and warrants are exercisable for cash and/or any shares of the Corporation&rsquo;s capital other than Class
A Shares or Class A Share equivalents, shall be subject to the provisions of SECTION 2(a) applicable to Participating Dividends and shall
be distributed to the holders of Series 4 Preferred Shares.&nbsp; If any such right, option or warrant, including any such existing rights,
options or warrants distributed prior to the Series 4 Original Issuance Date, are subject to events, upon the occurrence of which such
rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date
of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights,
options or warrants with such rights (and a termination or expiration of the existing rights, options or warrants without exercise by
any of the holders thereof).&nbsp; In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants,
or any Rights Trigger or other event (of the type described in the preceding sentence) with respect thereto that was counted for purposes
of calculating a distribution amount for which an adjustment to the Conversion Price under SECTION 6(f)(i), (ii), (iii), (iv) or (v) was
made, (1)&nbsp;in the case of any such rights, options or warrants that shall all have been redeemed or repurchased without exercise by
any holders thereof, the Conversion Price shall be readjusted at the opening of business of the Corporation immediately following such
final redemption or repurchase by multiplying such Conversion Price by a fraction (x) the numerator of which shall be the Current Market
Price per Class A Share on such date, <U>less</U> the amount equal to the per share redemption or repurchase price received by a holder
or holders of Class A Shares with respect to such rights, options or warrants (assuming such holder had retained such rights, options
or warrants), made to all or substantially all holders of Class A Shares as of the date of such redemption or repurchase and (y) the denominator
of which shall be the Current Market Price, and (2)&nbsp;in the case of such rights, options or warrants that shall have expired or been
terminated without exercise by any holders thereof, the Conversion Price shall be readjusted as if such rights, options and warrants had
not been issued. Notwithstanding the foregoing, (A) to the extent any such rights, options or warrants are redeemed by the Corporation
prior to a Rights Trigger or are exchanged by the Corporation, in either case for Class A Shares, the Conversion Price shall be appropriately
readjusted (if and to the extent previously adjusted pursuant to this SECTION 6(f)(xii)) as if such rights, options or warrants had not
been issued, and instead the Conversion Price will be adjusted as if the Corporation had issued the Class A Shares issued upon such redemption
or exchange as a dividend or distribution of Class A Shares subject to SECTION 6(f)(i)(A) and (B) to the extent any such rights, options
or warrants are redeemed by the Corporation prior to a Rights Trigger or are exchanged by the Corporation, in either case for any shares
of the Corporation&rsquo;s capital (other than Class A Shares) or any other assets of the Corporation, such redemption or exchange shall
be deemed to be a distribution and shall be subject to, and paid to the holders of Series 4 Preferred Shares pursuant to, the provisions
of SECTION 2(a) applicable to Participating Dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, any adjustment of the Conversion Price or entitlement to acquire Class A Shares pursuant to this Designation
shall be subject to the rules of the Exchange to the extent required to comply with such rules. If after the Series 4 Original Issuance
Date there is a change in the applicable rules of the Exchange on which the Class A Shares are listed at the time such change becomes
effective or in the interpretation of such applicable rules that would cause the Class A Shares to be delisted by such Exchange as a result
of the terms of this Designation, the rights of the holders of the Series 4 Preferred Shares set forth in this Designation shall thereafter
be limited to the extent required by such changed rules in order for the Class A Shares to continue to be listed on such Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Designation, if an adjustment to the Conversion Price becomes effective on any Ex-Dividend Date as described
herein, and a holder of Series 4 Preferred Shares that have been converted on or after such Ex-Dividend Date and on or prior to the related
record date would be treated as the record holder of Class A Shares as of the related Conversion Date based on an adjusted Conversion
Price for such Ex-Dividend Date, then, notwithstanding such Conversion Price adjustment provisions, the Conversion Price adjustment relating
to such Ex-Dividend Date will not be made for such converted Series 4 Preferred Shares. Instead, the holder of such converted Series 4
Preferred Shares will be treated as if such holder were the record owner of the Class A Shares on an unadjusted basis and participate
in the related dividend, distribution or other event giving rise to such adjustment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Record Date</U>. In the event of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
share split or combination of the outstanding Class A Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
declaration or making of a dividend or other distribution to holders of Class A Shares in additional Class A Shares, any other share capital,
other securities or other property (including, but not limited to, cash and evidences of indebtedness);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
reclassification or change to which SECTION 6(f)(i)(B) applies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
dissolution, liquidation or winding up of the Corporation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other event constituting a Disposition Event;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then the Corporation shall file with its corporate records and mail
to the holders of the Series 4 Preferred Shares at their last addresses as shown on the records of the Corporation, at least ten (10)
days prior to the record date specified in (A)&nbsp;below or ten (10) days prior to the date specified in (B)&nbsp;below, a notice stating:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 123.85pt">(A)&nbsp;the record date of such share
split, combination, dividend or other distribution, or, if a record is not to be taken, the date as of which the holders of Class A Shares
of record to be entitled to such share split, combination, dividend or other distribution are to be determined, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 123.85pt">(B)&nbsp;the date on which such reclassification,
change, dissolution, liquidation, winding up or other event constituting a Disposition Event, is estimated to become effective, and the
date as of which it is expected that holders of Class A Shares of record will be entitled to exchange their Class A Shares for the share
capital, other securities or other property (including, but not limited to, cash and evidences of indebtedness) deliverable upon such
reclassification, change, liquidation, dissolution, winding up or other Disposition Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Disclosures made by the Corporation in any public
filings made under the Exchange Act shall be deemed to satisfy the notice requirements set forth in this SECTION 6(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate
of Adjustments</U>. Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this SECTION 6, the Corporation
shall compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Series 4 Preferred Shares
a certificate, signed by an officer of the Corporation, setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Corporation shall, upon the reasonable written request of any holder of Series
4 Preferred Shares, furnish to such holder a similar certificate setting forth (i) the calculation of such adjustments and readjustments
in reasonable detail, (ii) the Conversion Price then in effect, and (iii) the number of Class A Shares and the amount, if any, of share
capital, other securities or other property (including, but not limited to, cash and evidences of indebtedness) which then would be received
upon the conversion of Series 4 Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption
at the Option of the Corporation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with or following any Specified Event, the Corporation, at its option and (if applicable) subject to consummation of such Specified
Event, may redeem (out of funds legally available therefor) for cash all of the Series 4 Preferred Shares then outstanding at a price
(the &ldquo;<U>Redemption Price</U>&rdquo;) per Series 4 Preferred Share equal to the greater of (i) the Base Liquidation Preference per
such Series 4 Preferred Share plus all accrued and unpaid dividends thereon and (ii) an amount equal to the amount the holder of such
Series 4 Preferred Shares would have received in respect of such Series 4 Preferred Share had such holder converted such Series 4 Preferred
Share into Class A Shares immediately prior to such redemption based on the Current Market Price, in each case on the date of redemption
(the &ldquo;<U>Redemption Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Corporation elects to redeem the Series 4 Preferred Shares pursuant to this SECTION 7, on or prior to the fifteenth (15<SUP>th</SUP>)
Business Day prior to the applicable Redemption Date, the Corporation shall mail a written notice of redemption (the &ldquo;<U>Redemption
Notice</U>&rdquo;) by first-class mail addressed to the holders of record of the Series 4 Preferred Shares as they appear in the records
of the Corporation; <U>provided</U>, <U>however</U>, that accidental failure to give any such notice to one or more of such holders shall
not affect the validity of such redemption. The Redemption Notice must state: (A) the expected Redemption Price as of the expected Redemption
Date, and specify the individual components thereof (it being understood that the actual Redemption Price will be determined as of the
actual Redemption Date); (B) the name of the redemption agent to whom, and the address of the place to where, the Series 4 Preferred Shares
are to be surrendered for payment of the Redemption Price; (C) if applicable, that the consummation of the Redemption and the payment
of the Redemption Price shall be subject to the consummation of the Specified Event, and (D) the anticipated Redemption Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mechanics
of Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Redemption Date, the Corporation shall pay the applicable Redemption Price, upon surrender of the certificates representing the Series
4 Preferred Shares to be redeemed (properly endorsed or assigned for transfer, if the Corporation shall so require, and letters of transmittal
and instructions therefor on reasonable terms are included in the notice sent by the Corporation); <U>provided</U> that payment of the
Redemption Price for certificates (and accompanying documentation, if required) surrendered to the Corporation after 2:00 p.m. (New York
City time) on the Redemption Date may, at the Corporation&rsquo;s option, be made on the Business Day immediately following the Redemption
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
4 Preferred Shares to be redeemed on the Redemption Date will from and after such date, no longer be deemed to be outstanding; and all
powers, designations, preferences and other rights of the holder thereof as a holder of Series 4 Preferred Shares (except the right to
receive from the Corporation the applicable Redemption Price) shall cease and terminate with respect to such shares; <U>provided</U>,
that in the event that a Series 4 Preferred Share is not redeemed due to a default in payment by the Corporation or because the Corporation
is otherwise unable to pay the applicable Redemption Price in cash in full, such Series 4 Preferred Share will remain outstanding and
will be entitled to all of the powers, designations, preferences and other rights as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this SECTION 7 to the contrary, each holder shall retain the right to convert Series 4 Preferred Shares to be redeemed at
any time on or prior to the Redemption Date; <U>provided</U>, <U>however</U>, that any Series 4 Preferred Shares for which a holder delivers
a conversion notice to the Corporation prior to the Redemption Date shall not be redeemed pursuant to this SECTION 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Antitrust
and Conversion Into Alternative Preference Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(i) the Corporation validly delivers a notice of conversion pursuant to SECTION 6(c) to the Investor or any Permitted Transferee at any
time on and after the date hereof and (ii) the Investor or such Permitted Transferee would not be permitted to convert one or more of
its Beneficially Owned Series 4 Preferred Shares into Class A Shares because any applicable waiting period has not lapsed, or approval
has not been obtained, under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, or other applicable law, the Accretion
Rate will decrease to 0% per annum following, and the Base Liquidation Preference per Series 4 Preferred Share will not increase during
any period subsequent to, ten (10) Business Days following the date of such validly delivered notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any holder of Series 4 Preferred Shares other than the Investor or any Permitted Transferee, after receiving a notice of conversion
pursuant to SECTION 6(c), any such holder of Series 4 Preferred Shares as to whom the relevant provisions of the following sentence are
applicable may, at such holder&rsquo;s option, convert Series 4 Preferred Shares subject to such conversion at any time on or prior to
the close of business on the Business Day immediately preceding the Conversion Date, as the case may be, specified in such notice into
Alternative Preference Shares to the extent necessary to address the conditions described in SECTION 8(c).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
If any holder of Series 4 Preferred Shares would not be permitted to convert one or more of its Beneficially Owned Series 4 Preferred
Shares into Class A Shares due to the restrictions contained in SECTION 6(b) or (ii) if any holder of Series 4 Preferred Shares other
than the Investor or any Permitted Transferee would not be permitted to convert one more of its Beneficially Owned Series 4 Preferred
Shares into Class A Shares (the shares described in clause (i) and (ii), the &ldquo;<U>Special Conversion Shares</U>&rdquo;) because any
applicable waiting period has not lapsed, or approval has not been obtained, under the Hart-Scott Rodino Antitrust Improvements Act of
1976, as amended, or other applicable law, then in each case each Special Conversion Share of such holder shall be converted into a number
of Alternative Preference Shares equal to the number of Class A Shares such holder would have received if such holder would have been
permitted to convert such Special Conversion Shares into Class A Shares on the Conversion Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as practicable (and in any event within three (3) Business Days) after receipt of notice of either of the events described in SECTION
8(c), which notice shall include the amount of Alternative Preference Shares to which such holder is entitled and the basis for such conversion
into Alternative Preference Shares, the Corporation shall (i) issue and deliver to such holder a certificate for the number of Alternative
Preference Shares, if any, to which such holder is entitled in exchange for the certificates formerly representing the Series 4 Preferred
Shares and (ii) pay to such holder, to the extent of funds legally available therefor, all declared and unpaid Dividends on the Series
4 Preferred Shares that are being converted into Alternative Preference Shares. Such conversion will be deemed to have been made on the
Conversion Date, and the person entitled to receive the Alternative Preference Shares issuable upon such conversion shall be treated for
all purposes as the record holder of such Alternative Preference Shares on such Conversion Date. In case fewer than all of the Series
4 Preferred Shares represented by any such certificate are to be converted into Alternative Preference Shares, a new certificate shall
be issued representing the unconverted shares without cost to the holder thereof, except for any documentary, stamp or similar issue or
transfer tax due because any certificates for Alternative Preference Shares or Series 4 Preferred Shares are issued in a name other than
the name of the converting holder. The Corporation shall pay any documentary, stamp or similar issue or transfer tax due on the issue
of Alternative Preference Shares upon conversion or due upon the issuance of a new certificate for any Series 4 Preferred Shares not converted
other than any such tax due because Alternative Preference Shares or a certificate for Series 4 Preferred Shares are issued in a name
other than the name of the converting holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Definitions</U>. For purposes of this Designation, the following terms shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Additional
Rate</U>&rdquo; means an annual rate initially equal to 7.0% per annum, increasing by 1.0% on every anniversary of the occurrence of the
Specified Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any person, any other person that directly or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with, such specified person. Notwithstanding the foregoing, the Corporation, its subsidiaries and its other
controlled Affiliates shall not be considered Affiliates of the Investor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Alternative
Preference Shares</U>&rdquo; means the Series 5 Series 4 Preferred Shares so denominated and authorized by the Corporation concurrently
with the Series 4 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Beneficially
Own</U>,&rdquo; &ldquo;<U>Beneficially Owned</U>&rdquo; or &ldquo;<U>Beneficial Ownership</U>&rdquo; has the meaning set forth in Rule
13d-3 of the rules and regulations promulgated under the Exchange Act, except that for purposes hereof the words &ldquo;within sixty days&rdquo;
in Rule 13d-3(d)(1)(i) shall not apply, to the effect that a person shall be deemed to be the Beneficial Owner of a security if that person
has the right to acquire beneficial ownership of such security at any time. For the avoidance of doubt, for purposes hereof, except where
otherwise expressly provided herein, the Investor (or any other person) shall at all times be deemed to have Beneficial Ownership of Class
A Shares issuable upon conversion of the Series 4 Preferred Shares directly or indirectly held by them, irrespective of any applicable
restrictions on transfer, conversion or voting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Board
of Directors</U>&rdquo; means the board of directors of the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Business
Day</U>&rdquo; means a day other than a Saturday, Sunday or other day on which commercial banking institutions are authorized or required
by law, regulation or executive order to close in New York City, New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Closing
Price</U>&rdquo; of the Class A Shares on any date means the closing sale price per share (or if no closing sale price is reported, the
average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that
date as reported in composite transactions for the Exchange or, if the Class A Shares are not listed or admitted for trading on an Exchange,
as reported on the quotation system on which such security is quoted. If the Class A Shares are not listed or admitted for trading on
an Exchange and not reported on a quotation system on the relevant date, the &ldquo;closing price&rdquo; will be the last quoted bid price
for the Class A Shares in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization.
If the Class A Shares are not so quoted, the last reported sale price will be the average of the mid-point of the last bid and ask prices
for the Class A Shares on the relevant date from each of at least three (3) nationally recognized investment banking firms selected by
the Corporation for this purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Common
Shares</U>&rdquo; means the Class A Shares, the Class B Shares, the Class C Shares and any other common shares in the capital of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>control</U>,&rdquo;
 &ldquo;<U>controlling</U>,&rdquo; &ldquo;<U>controlled by</U>&rdquo; and &ldquo;<U>under common control with</U>,&rdquo; with respect
to any person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such person, whether through the ownership of Voting Stock, by contract or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Convertible
Security</U>&rdquo; means any debt or other evidences of indebtedness, shares of capital or other securities directly or indirectly convertible
into or exercisable or exchangeable for Class A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Corporation</U>&rdquo;
means MDC Partners Inc., a Delaware corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;
 &ldquo;<U>Current Market Price</U>&rdquo; of Class A Shares on any day means the average of the Closing Prices per Class A Share for each
of the five (5) consecutive Trading Days ending on the earlier of the day in question and the day before the Ex-Dividend Date with respect
to the issuance or distribution requiring such computation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<U>Designation</U>&rdquo;
mean this Designation of the Series 4 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Dividend
Payment Date</U>&rdquo; means (i) each January 1, April 1, July 1 and October 1 of each year, or (ii) with respect to any Series 4 Preferred
Share that is to be converted or redeemed, the Conversion Date or the Redemption Date, as applicable; <U>provided</U> that if any such
Dividend Payment Date would otherwise occur on a day that is not a Business Day, such Dividend Payment Date shall instead be (and any
dividend payable on Series 4 Preferred Shares on such Dividend Date shall instead be payable on) the immediately succeeding Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Dividend
Period</U>&rdquo; means the period which commences on and includes a Dividend Payment Date (other than the initial Dividend Period which
shall commence on and include the date on which the Specified Event occurs) pursuant to clauses (i) and (ii) of the definition of &ldquo;Dividend
Payment Date&rdquo; and ends on and includes the calendar day next preceding the next Dividend Payment Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Ex-Dividend
Date</U>&rdquo; means, with respect to any issuance or distribution, the first date on which the Class A Shares trade on the applicable
exchange or in the applicable market, regular way, without the right to receive such issuance or distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange</U>&rdquo;
means Nasdaq and, if the Class A Shares are not then listed on Nasdaq, the principal other U.S. national or regional securities exchange
or market on which the Class A Shares are then listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fair
Market Value</U>&rdquo; of the Class A Shares or any other security or property means the fair market value thereof as determined in good
faith by the Board of Directors, which determination must be set forth in a written resolution of the Board of Directors, in accordance
with the following rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
Class A Shares or other security traded or quoted on an Exchange, the Fair Market Value will be the average of the Closing Prices of such
security on such Exchange over a ten (10) consecutive Trading Day period, ending on the Trading Day immediately prior to the date of determination;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
any other property, the Fair Market Value shall be determined by the Board of Directors assuming a willing buyer and a willing seller
in an arm&rsquo;s-length transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fundamental
Change</U>&rdquo; shall be deemed to have occurred at such time as any of the following events shall occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
 &ldquo;person&rdquo; or &ldquo;group&rdquo;, other than the Corporation, its Subsidiaries or any employee benefits plan of the Corporation
or its Subsidiaries, files, or is required by applicable law to file, a Schedule 13D or Schedule TO (or any successor schedule, form or
report) pursuant to the Exchange Act, disclosing that such person has become the direct or indirect beneficial owner of shares with a
majority of the total voting power of the Corporation&rsquo;s outstanding Voting Stock; unless such beneficial ownership arises solely
as a result of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations
under the Exchange Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Corporation amalgamates, consolidates with or merges with or into another person (other than a Subsidiary of the Corporation), or sells,
conveys, transfers, leases or otherwise disposes of all or substantially all of the consolidated properties and assets of the Corporation
and its Subsidiaries (excluding for purposes of the calculation non-controlling interests and third party minority interests) to any person
(other than a Subsidiary of the Corporation) or any person (other than a Subsidiary of the Corporation) consolidates with, amalgamates
or merges with or into the Corporation, <U>provided</U> that none of the circumstances set forth in this clause (ii) shall be a Fundamental
Change if persons that beneficially own the Voting Securities of the Corporation immediately prior to the transaction own, directly or
indirectly, shares with a majority of the total voting power of all outstanding Voting Stock of the surviving or transferee person immediately
after the transaction in substantially the same proportion as their ownership of the Corporation&rsquo;s Voting Stock immediately prior
to the transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>group</U>&rdquo;
has the meaning assigned to such term in Section&nbsp;13(d)(3) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>hereof</U>,&rdquo;
 &ldquo;<U>herein</U>&rdquo; and &ldquo;<U>hereunder</U>&rdquo; and words of similar import refer to this Designation as a whole and not
merely to any particular clause, provision, section or subsection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Investor</U>&rdquo;
means Broad Street Principal Investments, L.L.C.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Junior
Securities</U>&rdquo; means the Common Shares and each other class or series of shares in the capital of the Corporation the terms of
which do not expressly provide that they rank senior in preference or priority to or on parity, without preference or priority, with the
Series 4 Preferred Shares with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Market
Disruption Event</U>&rdquo; means, with respect to the Class A Shares, (i) a failure by the Exchange to open for trading during its regular
trading session or (ii) the occurrence or existence for more than one half hour period in the aggregate on any scheduled Trading Day for
the Class A Shares of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
Exchange, or otherwise) in the Class A Shares or in any options, contracts or future contracts relating to the Class A Shares, and such
suspension or limitation occurs or exists at any time before 1:00 p.m. (New York City time) on such day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Nasdaq</U>&rdquo;
means The NASDAQ Global Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Original
Purchase Price</U>&rdquo; means $1,416.16 per Series 4 Preferred Share.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Parity
Securities</U>&rdquo; means any shares in the capital of the Corporation the terms of which expressly provide that they will rank on parity,
without preference or priority, with the Series 4 Preferred Shares with respect to dividend rights or rights upon liquidation, dissolution
or winding up of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Permitted
Transferee</U>&rdquo; means any holder of Series 4 Preferred Shares who received such Series 4 Preferred Shares in a Permitted Transfer
(as defined in the Securities Purchase Agreement), provided that such holder agrees, for the benefit of the Corporation, to comply with
Section 4.05 of the Securities Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>person</U>&rdquo;
means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government, any agency or political subdivisions thereof or other &ldquo;person&rdquo; as
contemplated by Section&nbsp;13(d) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Qualifying
Transaction</U>&rdquo; means a Fundamental Change (i) with regard to which the holder of Series 4 Preferred Shares is entitled to receive,
directly or indirectly, in respect of its Series 4 Preferred Shares, in connection with the consummation of such transaction (including
pursuant to the conversion of the Series 4 Preferred Shares (without regard to limitations or restrictions on conversion) or the purchase
or exchange of such Series 4 Preferred Shares in a tender or exchange offer), consideration consisting solely of cash, equity securities
that are immediately tradable on a national securities exchange and that have (or the equity securities of the predecessor of the issuer
of such equity securities have) an average trading volume per trading day over the thirty (30) trading days preceding public announcement
of such transaction at least equal to that of the Class A Shares over the thirty (30) trading days preceding public announcement of such
transaction, or a combination of cash and such equity consideration (collectively, &ldquo;<U>qualifying consideration</U>&rdquo;), which
qualifying consideration is in an amount per outstanding Series 4 Preferred Share that is at least equal to the Base Liquidation Preference
of such Series 4 Preferred Share plus all accrued but unpaid dividends thereon (with the value of any non-cash consideration being the
Fair Market Value of such non-cash consideration at the time of signing of the definitive transaction agreement for the applicable transaction)
or (ii) that is otherwise consented to by the holders of two-thirds of the outstanding Series 4 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Securities
Act&rdquo;</U> means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Securities
Purchase Agreement</U>&rdquo; means that certain Securities Purchase Agreement, dated as of February 14, 2017, between the Corporation
and the Investor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Senior
Securities</U>&rdquo; means any shares in the capital of the Corporation the terms of which expressly provide that they will rank senior
in preference or priority to the Series 4 Preferred Shares with respect to dividend rights or rights upon liquidation, dissolution or
winding up of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Series
4 Original Issuance Date</U>&rdquo; means July 27, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>share
capital</U>&rdquo; means any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting)
of capital, partnership interests (whether general or limited) or equivalent ownership interests in or issued by such person, and with
respect to the Corporation includes, without limitation, any and all Common Shares and the Preference Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Specified
Event</U>&rdquo; means the tenth (10<SUP>th</SUP>) Business Day after the consummation of a Fundamental Change that does not constitute
a Qualifying Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Subsidiary</U>&rdquo;
means with respect to any person, any corporation, association or other business entity of which more than 50% of the outstanding Voting
Stock is owned, directly or indirectly, by, or, in the case of a partnership, the sole general partner or the managing partner or the
only general partners of which are, such person and one or more Subsidiaries of such person (or a combination thereof). Unless otherwise
specified, &ldquo;Subsidiary&rdquo; means a Subsidiary of the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Trading
Day</U>&rdquo; means any day on which (i) there is no Market Disruption Event and (ii) the Exchange is open for trading or, if the Class
A Shares are not so listed, admitted for trading or quoted, any Business Day. A Trading Day only includes those days that have a scheduled
closing time of 4:00 p.m. (New York City time) or the then standard closing time for regular trading on the relevant Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Voting
Stock</U>&rdquo; means the Class A Shares, the Class B Shares, the Class C Shares and securities of any class or kind ordinarily having
the power to vote generally for the election of directors of the Board of Directors of the Corporation or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the following terms is defined in the Section set forth opposite such term:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; width: 51%"><FONT STYLE="font-size: 10pt"><B>Term</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 48%"><FONT STYLE="font-size: 10pt"><B>Section</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Accretion Rate</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Additional Class A Shares</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(v)(B)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Additional Dividends</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 2(b)(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Aggregate Amount</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Base Liquidation Preference</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Class A Equivalents</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(v)(B)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Class A Shares</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Class A Shares Outstanding</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(ii)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Class B Shares</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Class C Shares</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Conversion Amount</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Conversion Date</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Conversion Price</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Disposition Event</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iv)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Dividends</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 2(b)(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Expiration Date</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Expiration Time</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)(A)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Liquidation Preference</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Maximum Voting Power</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Participating Dividends</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 2(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Purchased Shares</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">qualifying consideration</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 9(ee)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Quarterly Compounding Date</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Redemption Date</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 7(a)(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Redemption Notice</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 7(a)(ii)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Redemption Price</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 7(a)(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Reference Property</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iv)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Rights Trigger</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(xii)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Series 4 Preferred Shares</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Special Conversion Shares</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 8(c)</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.
For purposes of this Designation, the following provisions shall apply:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
Tax</U>. Notwithstanding any other provision of this Designation, the Corporation may deduct or withhold from any payment, distribution,
issuance or delivery (whether in cash or in shares) to be made pursuant to this Designation any amounts required or permitted by law to
be deducted or withheld from any such payment, distribution, issuance or delivery and shall remit any such amounts to the relevant tax
authority as required. If the cash component of any payment, distribution, issuance or delivery to be made pursuant to this Designation
is less than the amount that the Corporation is so required or permitted to deduct or withhold, the Corporation shall be permitted to
deduct and withhold from any noncash payment, distribution, issuance or delivery to be made pursuant to this Designation any amounts required
or permitted by law to be deducted or withheld from any such payment, distribution, issuance or delivery and to dispose of such property
in order to remit any amount required to be remitted to any relevant tax authority. Notwithstanding the foregoing, the amount of any payment,
distribution, issuance or delivery made to a holder of Series 4 Preferred Shares pursuant to this Designation shall be considered to be
the amount of the payment, distribution, issuance or delivery received by such holder plus any amount deducted or withheld pursuant to
this SECTION 10. In the absence of any such deduction or withholding by the Corporation, and unless agreed otherwise by the Corporation
in writing, holders of Series 4 Preferred Shares shall be responsible for all withholding taxes in respect of any payment, distribution,
issuance or delivery made or credited to them pursuant to this Designation and shall indemnify and hold harmless the Corporation on an
after-tax basis (for this purpose, having regard only to taxes for which the Corporation is liable) for any such taxes imposed on any
payment, distribution, issuance or delivery made or credited to them pursuant to this Designation.&nbsp;&nbsp;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Wire
or Electronic Transfer of Funds</U>. Notwithstanding any other right, privilege, restriction or condition attaching to the Series 4 Preferred
Shares, the Corporation may, at its option, make any payment due to registered holders of Series 4 Preferred Shares by way of a wire or
electronic transfer of funds to such holders. If a payment is made by way of a wire or electronic transfer of funds, the Corporation shall
be responsible for any applicable charges or fees relating to the making of such transfer. As soon as practicable following the determination
by the Corporation that a payment is to be made by way of a wire or electronic transfer of funds, the Corporation shall provide a notice
to the applicable registered holders of Series 4 Preferred Shares at their respective addresses appearing on the books of the Corporation.
Such notice shall request that each applicable registered holder of Series 4 Preferred Shares provide the particulars of an account of
such holder with a chartered bank in the United States to which the wire or electronic transfer of funds shall be directed. If the Corporation
does not receive account particulars from a registered holder of Series 4 Preferred Shares prior to the date such payment is to be made,
the Corporation shall deposit the funds otherwise payable to such holder in a special account or accounts in trust for such holder. The
making of a payment by way of a wire or electronic transfer of funds or the deposit by the Corporation of funds otherwise payable to a
holder in a special account or accounts in trust for such holder shall be deemed to constitute payment by the Corporation on the date
thereof and shall satisfy and discharge all liabilities of the Corporation for such payment to the extent of the amount represented by
such transfer or deposit.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
The provisions attaching to the Series 4 Preferred Shares may be deleted, varied, modified, amended or amplified by amendment with such
approval as may then be required by the General Corporation Law of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>U.S.
Currency</U>. Unless otherwise stated, all references herein to sums of money are expressed in lawful money of the United States.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESIGNATION<BR>
OF<BR>
SERIES 5 CONVERTIBLE PREFERRED STOCK<BR>
OF<BR>
MDC PARTNERS INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation
and Amount</U>. The designation of this series of Preferred Stock is &ldquo;Series 5 Convertible Preferred Stock&rdquo; (the &ldquo;<U>Series
5 Preferred Shares</U>&rdquo;), no par value per share, and the number of shares constituting such series is Thirty Million (30,000,000).
Subject to the Certificate of Incorporation, such number of shares may be increased or decreased by resolution of the Board of Directors;
provided, however, that no decrease shall reduce the number of shares of the Series 5 Preferred Shares to less than the number of shares
then issued and outstanding plus the number of shares issuable upon exercise of outstanding rights, options or warrants or upon conversion
of outstanding securities issued by the Corporation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
holder of issued and outstanding Series 5 Preferred Shares will be entitled to receive, when, as and if declared by the Board of Directors,
out of funds legally available for the payment of dividends for each Series 5 Preferred Share, dividends of the same type as any dividends
or other distribution, whether in cash, in kind or in other property, payable or to be made on outstanding Class A Subordinate Voting
Shares of the Corporation (the &ldquo;<U>Class A Shares</U>&rdquo;), in an amount equal to the amount of such dividends or other distribution
as would be made on the number of Class A Shares into which such Series 5 Preferred Shares could be converted on the applicable record
date for such dividends or other distribution on the Class A Shares, without giving effect to the limitations set forth in SECTION 6(b)
after aggregating all shares held by the same holder (the &ldquo;<U>Participating Dividends</U>&rdquo;) and disregarding any rounding
for fractional amounts; <U>provided</U>, <U>however</U>, that notwithstanding the above, the holders of Series 5 Preferred Shares shall
not be entitled to receive any dividends or distributions for which an adjustment to the Conversion Amount (as defined below) shall be
made pursuant to SECTION 6(f)(i)(A) or SECTION 6(f)(ii) (and such dividends or distributions that are not payable to the holders of Series
5 Preferred Shares as a result of this proviso shall not be deemed to be Participating Dividends).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participating
Dividends are payable at the same time as and when such dividends or other distributions on the Class A Shares are paid to the holders
of Class A Shares and are payable to holders of record of Series 5 Preferred Shares on the record date for the corresponding dividend
or distribution on the Class A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of the Series 5 Preferred Shares are not entitled to any dividend, whether payable in cash, in kind or other property, in excess of the
Participating Dividends as provided in this SECTION 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall pay Participating Dividends (less any tax required to be deducted and withheld by the Corporation), except in case of
redemption or conversion in which case payment of Participating Dividends shall be made on surrender of the certificate, if any, representing
the Series 5 Preferred Shares to be redeemed or converted, by electronic funds transfer or by sending to each holder of Series 5 Preferred
Shares a check for such Participating Dividends payable to the order of such holder or, in the case of joint holders, to the order of
all such holders failing written instructions from them to the contrary or in such other manner, not contrary to applicable law, as the
Corporation shall reasonably determine. The making of such payment or the posting or delivery of such check on or before the date on which
such Dividend is to be paid to a holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment
of such Dividends to the extent of the sum represented thereby (plus the amount of any tax required to be and in fact deducted and withheld
by the Corporation from the related Dividends as aforesaid and remitted to the proper taxing authority) unless such check is not honored
when presented for payment. Subject to applicable law, Dividends which are represented by a check which has not been presented to the
Corporation&rsquo;s bankers for payment or that otherwise remain unclaimed for a period of six years from the date on which they were
declared to be payable shall be forfeited to the Corporation.&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation
Entitlement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each Series 5 Preferred Share entitles the holder
thereof to receive and to be paid out of the assets of the Corporation available for distribution, before any distribution or payment
may be made to a holder of any Class A Shares, any Class B Shares of the Corporation (the &ldquo;<U>Class B Shares</U>&rdquo;), any Class
C Shares of the Corporation (the &ldquo;<U>Class C Shares</U>&rdquo;) or any other shares ranking junior as to capital to the Series 5
Preferred Shares, an amount per Series 5 Preferred Share equal to the amount the holder of the Series 5 Preferred Share would have received
if such holder had converted such Series 5 Preferred Share into a Class A Share immediately prior thereto, without giving effect to the
limitations set forth in SECTION 6(b) and disregarding any rounding for fractional amounts (the &ldquo;<U>Liquidation Entitlement</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
payment to the holders of the Series 5 Preferred Shares of the full Liquidation Entitlement to which they are entitled, the Series 5 Preferred
Shares as such will have no right or claim to any of the assets of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of any property not consisting of cash that is distributed by the Corporation to the holders of the Series 5 Preferred Shares will
equal the Fair Market Value thereof on the date of distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights</U>. The holders of the Series 5 Preferred Shares shall not be entitled as such, except as required by law, to receive notice of
or to attend any meeting of the shareholders of the Corporation or to vote at any such meeting but shall be entitled to receive notice
of meetings of shareholders of the Corporation called for the purpose of authorizing the dissolution of the Corporation or the sale of
its undertaking or a substantial part thereof. The approval of the holders of the Series 5 Preferred Shares with respect to any and all
matters referred to in this Designation may be given in writing by all of the holders of the Series 5 Preferred Shares outstanding or
by resolution duly passed and carried as may then be required by the General Corporation Law of the State of Delaware at a meeting of
the holders of the Series 5 Preferred Shares duly called and held for the purpose of considering the subject matter of such resolution
and at which holders of not less than a majority of all Series 5 Preferred Shares then outstanding are present in person or represented
by proxy in accordance with the by-laws of the Corporation; <U>provided</U>, <U>however</U>, that if at any such meeting, when originally
held, the holders of at least a majority of all Series 5 Preferred Shares then outstanding are not present in person or so represented
by proxy within 30 minutes after the time fixed for the meeting, then the meeting shall be adjourned to such date, being not less than
fifteen (15) days later. Notice of any such original meeting of the holders of the Series 5 Preferred Shares shall be given not less than
twenty-one (21) days prior to the date fixed for such meeting and shall specify in general terms the purpose for which the meeting is
called, and notice of any such adjourned meeting shall be given not less than ten (10) days prior to the date fixed for such adjourned
meeting, but it shall not be necessary to specify in such notice the purpose for which the adjourned meeting is called. The formalities
to be observed with respect to the giving of notice of any such original meeting or adjourned meeting and the conduct of it shall be those
from time to time prescribed in the by-laws of the Corporation with respect to meetings of shareholders. On every poll taken at any such
original meeting or adjourned meeting, each holder of Series 5 Preferred Shares present in person or represented by proxy shall be entitled
to one vote for each of the Series 5 Preferred Shares held by such holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
for Cancellation</U>. Subject to such provisions of the General Corporation Law of the State of Delaware as may be applicable, the Corporation
may at any time or times purchase (if obtainable) for cancellation all or any part of the Series 5 Preferred Shares outstanding from time
to time: (a) through the facilities of any Exchange or market on which the Series 5 Preferred Shares are listed, (b) by invitation for
tenders addressed to all the holders of record of the Series 5 Preferred Shares outstanding, or (c) in any other manner, in each case
at the lowest price or prices at which, in the opinion of the Board of Directors, such shares are obtainable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Each Series 5 Preferred Share is convertible into
Class A Shares as provided in this SECTION 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at the Option of Holders of Series 5 Preferred Shares</U>. Subject to SECTION 6(b), each holder of Series 5 Preferred Shares is entitled
to convert, in whole or in part, at any time and from time to time, at the option and election of such holder, each outstanding Series
5 Preferred Share held by such holder into a number of duly authorized, validly issued, fully paid and nonassessable Class A Shares equal
to the number determined by dividing (i)&nbsp;one (1) by (ii)&nbsp;the Conversion Amount in effect at the time of conversion. The &ldquo;<U>Conversion
Amount</U>&rdquo; initially is one (1), as adjusted from time to time as provided in SECTION 6(f). In order to convert the Series 5 Preferred
Shares into Class A Shares, the holder must surrender the certificates representing such Series 5 Preferred Shares, accompanied by transfer
instruments satisfactory to the Corporation, free of any adverse interest or liens at the office of the Corporation&rsquo;s transfer agent
for the Series 5 Preferred Shares, together with written notice that such holder elects to convert all or such number of shares represented
by such certificates as specified therein. With respect to a conversion pursuant to this SECTION 6(a), the date of receipt of such certificates,
together with such notice and such other information or documents as may be required by the Corporation (including any certificates delivered
pursuant to SECTION 6(b)), by the transfer agent or the Corporation will be the date of conversion (the &ldquo;<U>Conversion Date</U>&rdquo;).</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Conversion</U>. Notwithstanding SECTION 6(a), the Corporation shall not effect any conversion of the Series 5 Preferred Shares or otherwise
issue Class A Shares pursuant to SECTION 6(a), and no holder of Series 5 Preferred Shares will be permitted to convert Series 5 Preferred
Shares into Class A Shares if, and to the extent that, following such conversion, either (i) such holder&rsquo;s aggregate voting power
on a matter being voted on by holders of Class A Shares would exceed 19.9% of the Maximum Voting Power (as defined below) or (ii) such
holder would Beneficially Own more than 19.9% of the then outstanding Common Shares; <U>provided</U>, <U>however</U>, that such conversion
restriction shall not apply to any conversion in connection with and subject to completion of (A) a public sale of the Class A Shares
to be issued upon such conversion, if following consummation of such public sale such holder will not Beneficially Own in excess of 19.9%
of the then outstanding Class A Shares or (B) a <I>bona fide</I> third party tender offer for the Class A Shares issuable thereupon. For
purposes of the foregoing sentence, the number of Class A Shares Beneficially Owned by a holder shall include the number of Class A Shares
issuable upon conversion of the Series 5 Preferred Shares with respect to which a conversion notice has been given, but shall exclude
the number of Class A Shares which would be issuable upon conversion or exercise of the remaining, unconverted portion of the Series 5
Preferred Shares Beneficially Owned by such holder. Upon the written request of the holder, the Corporation shall within two (2) Business
Days confirm in writing (which may be by email) to any holder the number of Class A Shares, Class B Shares and Class C Shares then outstanding.
In connection with any conversion and as a condition to the Corporation effecting such conversion, upon request of the Corporation, a
holder of Series 5 Preferred Shares shall deliver to the Corporation a certificate, signed by a duly authorized officer of such holder,
no less than twelve (12) Business Days prior to the applicable conversion, certifying that, after giving effect to such conversion, (i)
such holder&rsquo;s aggregate voting power on a matter being voted on by holders of Class A Shares will not exceed 19.9% of the Maximum
Voting Power or (ii) such holder will not Beneficially Own more than 19.9% of the then outstanding Common Shares. For purposes hereof,
 &ldquo;<U>Maximum Voting Power</U>&rdquo; means, at the time of determination of the Maximum Voting Power, the total number of votes which
may be cast by all shares of the Corporation&rsquo;s capital on a matter subject to the vote of the Common Shares and any other securities
that constitute Voting Stock voting together as a single class and after giving effect to any limitation on voting power set forth herein
and the certificate of designation or other similar document governing other Voting Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Automatic
Conversion</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time the limitations in SECTION 6(b) would not prevent the conversion of one or more Series 5 Preferred Shares into Class A Shares
then, subject to any lapse or expiration of the applicable waiting period, or approval, under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended, or other applicable antitrust law, the maximum number of Series 5 Preferred Shares held by a holder and its Affiliates
that can convert into Class A Shares without violating the limitations in SECTION 6(b) will automatically convert into Class A Shares,
<U>provided</U> that such automatic conversion shall only occur if the number of Series 5 Preferred Shares that would be converted on
the Conversion Date is equal to or greater than the lesser of (x) 1,000 and (y) all shares then held by such holder and its Affiliates;
<U>provided</U>, <U>further</U>, that if the number of Series 5 Preferred Shares that may be converted pursuant to this SECTION 6(c)(i)
is less than all shares of the Series 5 Preferred Shares Beneficially Owned by a holder and its Affiliates, the Corporation shall select
the Series 5 Preferred Shares to be converted by lot or in such other equitable manner as the Corporation may determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fractional
Shares</U>. No fractional Class A Shares will be issued upon conversion of the Series 5 Preferred Shares. In lieu of fractional shares,
the Corporation shall round, to the nearest whole number, the number of Class A Shares to be issued upon conversion of the Series 5 Preferred
Shares. If more than one Series 5 Preferred Share is being converted at one time by or for the benefit of the same holder, then the number
of full shares issuable upon conversion will be calculated on the basis of the aggregate number of Series 5 Preferred Shares converted
by or for the benefit of such holder at such time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mechanics
of Conversion</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after the Conversion Date (and in any event within three (3) Business Days), the Corporation shall (A) issue and deliver to such holder
the number of Class A Shares to which such holder is entitled in exchange for the certificates formerly representing Series 5 Preferred
Shares and (B) pay to such holder, to the extent of funds legally available therefor, all declared and unpaid Participating Dividends
on the Series 5 Preferred Shares that are being converted into Class A Shares. Such conversion will be deemed to have been made on the
Conversion Date, and the person entitled to receive the Class A Shares issuable upon such conversion shall be treated for all purposes
as the record holder of such Class A Shares on such Conversion Date. In case fewer than all the shares represented by any such certificate
are to be converted, a new certificate shall be issued representing the unconverted shares without cost to the holder thereof, except
for any documentary, stamp or similar issue or transfer tax due because any certificates for Class A Shares or Series 5 Preferred Shares
are issued in a name other than the name of the converting holder. The Corporation shall pay any documentary, stamp or similar issue or
transfer tax due on the issue of Class A Shares upon conversion or due upon the issuance of a new certificate for any Series 5 Preferred
Shares not converted other than any such tax due because Class A Shares or a certificate for Series 5 Preferred Shares are issued in a
name other than the name of the converting holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the Conversion Date, the Series 5 Preferred Shares to be converted on such Conversion Date will no longer be deemed to be outstanding,
and all rights of the holder thereof as a holder of Series 5 Preferred Shares (except the right to receive from the Corporation the Class
A Shares upon conversion, together with the right to receive any declared and unpaid Participating Dividends thereon) shall cease and
terminate with respect to such shares; <U>provided</U>, that in the event that a Series 5 Preferred Share is not converted, such Series
5 Preferred Share will remain outstanding and will be entitled to all of the rights as provided herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the conversion is in connection with any sale, transfer or other disposition of the Class A Shares issuable upon conversion of the Series
5 Preferred Shares, the conversion may, at the option of any holder tendering any Series 5 Preferred Share for conversion, be conditioned
upon the closing of the sale, transfer or the disposition of Class A Shares issuable upon conversion of Series 5 Preferred Shares with
the underwriter, transferee or other acquirer in such sale, transfer or disposition, in which event such conversion of such Series 5 Preferred
Shares shall not be deemed to have occurred until immediately prior to the closing of such sale, transfer or other disposition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Class A Shares issued upon conversion of the Series 5 Preferred Shares will, upon issuance by the Corporation, be duly and validly issued,
fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments
to Conversion Amount</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Change In Share Capital</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(A)&nbsp;If the Corporation shall, at any time and
from time to time while any Series 5 Preferred Shares are outstanding, issue a dividend or make a distribution on its Class A Shares payable
in its Class A Shares to all or substantially all holders of its Class A Shares, then the Conversion Amount at the opening of business
on the Ex-Dividend Date for such dividend or distribution will be adjusted by multiplying such Conversion Amount by a fraction:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;the numerator of which
shall be the number of Class A Shares outstanding at the close of business on the Business Day immediately preceding such Ex-Dividend
Date; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;the denominator of which
shall be the sum of the number of Class A Shares outstanding at the close of business on the Business Day immediately preceding the Ex-Dividend
Date for such dividend or distribution, plus the total number of Class A Shares constituting such dividend or other distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any dividend or distribution of the type described
in this SECTION 6(f)(i)(A) is declared but not so paid or made, the Conversion Amount shall again be adjusted to the Conversion Amount
which would then be in effect if such dividend or distribution had not been declared. Except as set forth in the preceding sentence, in
no event shall the Conversion Amount be increased pursuant to this SECTION 6(f)(i)(A).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;If the Corporation shall, at any time or
from time to time while any of the Series 5 Preferred Shares are outstanding, subdivide or reclassify its outstanding Class A Shares into
a greater number of Class A Shares, then the Conversion Amount in effect at the opening of business on the day upon which such subdivision
becomes effective shall be proportionately decreased, and conversely, if the Corporation shall, at any time or from time to time while
any of the Series 5 Preferred Shares are outstanding, combine or reclassify its outstanding Class A Shares into a smaller number of Class
A Shares, then the Conversion Amount in effect at the opening of business on the day upon which such combination or reclassification becomes
effective shall be proportionately increased. In each such case, the Conversion Amount shall be adjusted by multiplying such Conversion
Amount by a fraction, the numerator of which shall be the number of Class A Shares outstanding immediately prior to such subdivision or
combination and the denominator of which shall be the number of Class A Shares outstanding immediately after giving effect to such subdivision,
combination or reclassification. Such increase or reduction, as the case may be, shall become effective immediately after the opening
of business on the day upon which such subdivision, combination or reclassification becomes effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Rights Issue</U>. If the Corporation shall, at any time or from time to time, while any Series 5 Preferred Shares are outstanding,
distribute rights, options or warrants to all or substantially all holders of its Class A Shares entitling them, for a period expiring
within sixty (60) days after the record date for such distribution, to purchase Class A Shares, or securities convertible into, or exchangeable
or exercisable for, Class A Shares, in either case, at less than the average of the Closing Prices for the five (5) consecutive Trading
Days immediately preceding the first public announcement of the distribution, then the Conversion Amount shall be adjusted so that the
same shall equal the rate determined by multiplying the Conversion Amount in effect at the opening of business on the Ex-Dividend Date
for such distribution by a fraction:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(A)&nbsp;the numerator of which shall be the sum
of (1) the number of Class A Shares Outstanding on the close of business on the Business Day immediately preceding the Ex-Dividend Date
for such distribution, plus (2) the number of Class A Shares that the aggregate offering price of the total number of Class A Shares issuable
pursuant to such rights, options or warrants would purchase at the Current Market Price of the Class A Shares on the declaration date
for such distribution (determined by multiplying such total number of Class A Shares so offered by the exercise price of such rights,
options or warrants and dividing the product so obtained by such Current Market Price); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;the denominator of which shall be the number
of Class A Shares Outstanding at the close of business on the Business Day immediately preceding the Ex-Dividend Date for such distribution,
plus the total number of additional Class A Shares issuable pursuant to such rights, options or warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The term &ldquo;<U>Class A Shares Outstanding</U>&rdquo;
shall mean, without duplication, and include the following, and the following shall be included whether vested or unvested, whether contingent
or non-contingent and whether exercisable or not yet exercisable, and without regard to any other limitations or restrictions on conversion
or exercise:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
number of Class A Shares, Class B Shares and Class C Shares then outstanding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Class A Shares issuable upon conversion of outstanding Series 5 Preferred Shares; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Class A Shares issuable upon exercise of outstanding options and any other Convertible Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Such adjustment shall become
effective immediately after the opening of business on the Ex-Dividend Date for such distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">To the extent that Class A Shares are not delivered
pursuant to such rights, options or warrants or upon the expiration or termination of such rights, options or warrants, the Conversion
Amount shall be readjusted to the Conversion Amount that would then be in effect had the adjustments made upon the issuance of such rights,
options or warrants been made on the basis of the delivery of only the number of Class A Shares actually delivered. In the event that
such rights, options or warrants are not so distributed, the Conversion Amount shall again be adjusted to be the Conversion Amount which
would then be in effect if the Ex-Dividend Date for such distribution had not occurred. In determining whether any rights, options or
warrants entitle the holders to purchase Class A Shares at less than the average of the Closing Prices for the five (5) consecutive Trading
Days immediately preceding the first public announcement of the relevant distribution, and in determining the aggregate offering price
of such Class A Shares, there shall be taken into account any consideration received for such rights, options or warrants and the value
of such consideration if other than cash, to be determined in good faith by the Board of Directors. Except as set forth in this paragraph,
in no event shall the Conversion Amount be increased pursuant to this SECTION 6(f)(ii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Certain Tender Offers or Exchange Offers</U>. In case the Corporation or any of its Subsidiaries shall, at any time or from time to
time, while any Series 5 Preferred Shares are outstanding, distribute cash or other consideration in respect of a tender offer or an exchange
offer (that is treated as a &ldquo;<U>tender offer</U>&rdquo; under U.S. federal securities laws) made by the Corporation or any Subsidiary
for all or any portion of the Class A Shares, where the sum of the aggregate amount of such cash distributed and the aggregate Fair Market
Value, as of the Expiration Date (as defined below), of such other consideration distributed (such sum, the &ldquo;<U>Aggregate Amount</U>&rdquo;)
expressed as an amount per Class A Share validly tendered or exchanged, and not withdrawn, pursuant to such tender offer or exchange offer
as of the Expiration Time (as defined below) (such tendered or exchanged Class A Shares, the &ldquo;<U>Purchased Shares</U>&rdquo;) exceeds
the Closing Price per share of the Class A Shares on the Trading Day immediately following the last date (such last date, the &ldquo;<U>Expiration
Date</U>&rdquo;) on which tenders or exchanges could have been made pursuant to such tender offer or exchange offer (as the same may be
amended through the Expiration Date), then, and in each case, immediately after the close of business on such date, the Conversion Amount
shall be decreased so that the same shall equal the rate determined by multiplying the Conversion Amount in effect immediately prior to
the close of business on the Trading Day immediately following the Expiration Date by a fraction:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(A)&nbsp;the numerator of which shall be equal to
the product of (1)&nbsp;the number of Class A Shares outstanding as of the last time (the &ldquo;<U>Expiration Time</U>&rdquo;) at which
tenders or exchanges could have been made pursuant to such tender offer or exchange offer (including all Purchased Shares) and (2)&nbsp;the
Closing Price per share of the Class A Shares on the Trading Day immediately following the Expiration Date; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;the denominator of which is equal to the
sum of (x)&nbsp;the Aggregate Amount and (y)&nbsp;the product of (I)&nbsp;an amount equal to (1)&nbsp;the number of Class A Shares outstanding
as of the Expiration Time, less (2)&nbsp;the Purchased Shares and (II)&nbsp;the Closing Price per share of the Class A Shares on the Trading
Day immediately following the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">An adjustment, if any, to the Conversion Amount pursuant
to this SECTION 6(f)(iii) shall become effective immediately prior to the opening of business on the second Trading Day immediately following
the Expiration Date. In the event that the Corporation or a Subsidiary is obligated to purchase Class A Shares pursuant to any such tender
offer or exchange offer, but the Corporation or such Subsidiary is permanently prevented by applicable law from effecting any such purchases,
or all such purchases are rescinded, then the Conversion Amount shall again be adjusted to be the Conversion Amount which would then be
in effect if such tender offer or exchange offer had not been made. Except as set forth in the preceding sentence, if the application
of this SECTION 6(f)(iii) to any tender offer or exchange offer would result in an increase in the Conversion Amount, no adjustment shall
be made for such tender offer or exchange offer under this SECTION 6(f)(iii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disposition
Events</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;If any of the following
events (any such event, a &ldquo;<U>Disposition Event</U>&rdquo;) occurs:&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
reclassification or exchange of the Class A Shares (other than as a result of a subdivision or combination);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
merger, amalgamation, consolidation or other combination to which the Corporation is a constituent party; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
sale, conveyance, lease, or other disposal of all or substantially all the properties and assets of the Corporation to any other person;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">in each case, as a result of which all of the holders
of Class A Shares shall be entitled to receive cash, securities or other property for their Class A Shares, the Series 5 Preferred Shares
converted following the effective date of any Disposition Event shall be converted, in lieu of the Class A Shares otherwise deliverable,
into the same amount and type (in the same proportion) of cash, securities or other property received by holders of Class A Shares in
the relevant event (collectively, &ldquo;<U>Reference Property</U>&rdquo;) received upon the occurrence of such Disposition Event by a
holder of Class A Shares holding, immediately prior to the transaction, the number of Class A Shares into which such Series 5 Preferred
Shares would have been converted pursuant to SECTION 6(a) without giving effect to any limitations on conversion set forth in SECTION
6(b) immediately prior to such Disposition Event; provided that if the Disposition Event provides the holders of Class A Shares with the
right to receive more than a single type of consideration determined based in part upon any form of stockholder election, the Reference
Property shall be comprised of the weighted average of the types and amounts of consideration received by the holders of the Class A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;The above provisions of this SECTION 6(f)(iv)
shall similarly apply to successive Disposition Events. If this SECTION 6(f)(iv) applies to any event or occurrence, neither SECTION 6(f)(i)
nor SECTION 6(f)(iii) shall apply; provided, however, that this SECTION 6(f)(iv) shall not apply to any share split or combination to
which SECTION 6(f)(i) is applicable or to a liquidation, dissolution or winding up to which SECTION 3 applies. To the extent that equity
securities of a company are received by the holders of Class A Shares in connection with a Disposition Event, the portion of the Series
5 Preferred Shares which will be convertible into such equity securities will continue to be subject to the anti-dilution adjustments
set forth in this SECTION 6(f).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Minimum
Adjustment</U>. Notwithstanding the foregoing, the Conversion Amount will not be reduced if the amount of such reduction would be an amount
less than one percent (1%) of such Conversion Amount, but any such amount will be carried forward and reduction with respect thereto will
be made at the time that such amount, together with any subsequent amounts so carried forward, aggregates to one percent (1%) or more.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>When
No Adjustment Required</U>. Notwithstanding anything herein to the contrary, no adjustment to the Conversion Amount need be made:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(A)&nbsp;for a transaction referred to in SECTION
6(f)(i) or SECTION 6(f)(ii) if the Series 5 Preferred Shares participate, without conversion, in the transaction or event that would otherwise
give rise to an adjustment pursuant to such Section at the same time as holders of the Class A Shares participate with respect to such
transaction or event and on the same terms as holders of the Class A Shares participate with respect to such transaction or event as if
the holders of Series 5 Preferred Shares, at such time, held a number of Class A Shares equal to the number of Class A Shares into which
the Series 5 Preferred Shares were convertible at such time;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;for rights to purchase Class A Shares pursuant
to any present or future plan by the Corporation for reinvestment of dividends or interest payable on the Corporation&rsquo;s securities
and the investment of additional optional amounts in Class A Shares under any plan; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(C)&nbsp;for any event otherwise requiring an adjustment
under this SECTION 6 if such event is not consummated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules
of Calculation; Treasury Shares</U>. All calculations will be made to the nearest one-hundredth of a cent or to the nearest one-ten thousandth
of a share. Except as explicitly provided herein, the number of Class A Shares outstanding will be calculated on the basis of the number
of issued and outstanding Class A Shares.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>.
Notwithstanding the foregoing, the Conversion Amount will not be reduced if the Corporation receives, prior to the effective time of the
adjustment to the Conversion Amount, written notice from the holders representing at least a majority of the then outstanding Series 5
Preferred Shares, voting together as a separate class, that no adjustment is to be made as the result of a particular issuance of Class
A Shares or other dividend or other distribution on Class A Shares. This waiver will be limited in scope and will not be valid for any
issuance of Class A Shares or other dividend or other distribution on Class A Shares not specifically provided for in such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Adjustment</U>. Anything in this SECTION 6 notwithstanding, the Corporation shall be entitled to make such downward adjustments in the
Conversion Amount, in addition to those required by this SECTION 6, as the Board of Directors in its sole discretion shall determine to
be advisable in order that any event treated for U.S. federal income tax purposes as a dividend or share split will not be taxable to
the holders of Class A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Duplication</U>. If any action would require adjustment of the Conversion Amount pursuant to more than one of the provisions described
in this SECTION 6 in a manner such that such adjustments are duplicative, only one adjustment shall be made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Provisions
Governing Adjustment to Conversion Amount</U>.&nbsp; Rights, options or warrants distributed by the Corporation to all or substantially
all holders of Class A Shares entitling the holders thereof to subscribe for or purchase shares of the Corporation&rsquo;s capital (either
initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (&ldquo;<U>Rights
Trigger</U>&rdquo;): (A)&nbsp;are deemed to be transferred with such Class A Shares; (B)&nbsp;are not exercisable; and (C)&nbsp;are also
issued in respect of future issuances of Class A Shares, shall be deemed not to have been distributed for purposes of SECTION 6(f)(i),
(ii), (iii) or (iv) (and no adjustment to the Conversion Amount under SECTION 6(f)(i), (ii), (iii) or (iv) will be required) until the
occurrence of the earliest Rights Trigger, whereupon such rights, options and warrants shall be deemed to have been distributed, and (x)
if and to the extent such rights, options and warrants are exercisable for Class A Shares or the equivalents thereof, an appropriate adjustment
(if any is required) to the Conversion Amount shall be made under SECTION 6(f)(ii) (without giving effect to the sixty (60) day limit
on the exercisability of rights, options and warrants ordinarily subject to such SECTION 6(f)(ii)), and/or (y) if and to the extent such
rights, options and warrants are exercisable for cash and/or any shares of the Corporation&rsquo;s capital other than Class A Shares or
Class A Share equivalents, shall be subject to the provisions of SECTION 2(a) applicable to Participating Dividends and shall be distributed
to the holders of Series 5 Preferred Shares.&nbsp; If any such right, option or warrant, including any such existing rights, options or
warrants distributed prior to the Series 5 Original Issuance Date, are subject to events, upon the occurrence of which such rights, options
or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence
of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or
warrants with such rights (and a termination or expiration of the existing rights, options or warrants without exercise by any of the
holders thereof).&nbsp; In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any
Rights Trigger or other event (of the type described in the preceding sentence) with respect thereto that was counted for purposes of
calculating a distribution amount for which an adjustment to the Conversion Amount under SECTION 6(f)(i), (ii), (iii) or (iv) was made,
(1)&nbsp;in the case of any such rights, options or warrants that shall all have been redeemed or repurchased without exercise by any
holders thereof, the Conversion Amount shall be readjusted at the opening of business of the Corporation immediately following such final
redemption or repurchase by multiplying such Conversion Amount by a fraction (x) the numerator of which shall be the Current Market Price
per Class A Share on such date, <U>less</U> the amount equal to the per share redemption or repurchase price received by a holder or holders
of Class A Shares with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants),
made to all or substantially all holders of Class A Shares as of the date of such redemption or repurchase and (y) the denominator of
which shall be the Current Market Price, and (2)&nbsp;in the case of such rights, options or warrants that shall have expired or been
terminated without exercise by any holders thereof, the Conversion Amount shall be readjusted as if such rights, options and warrants
had not been issued. Notwithstanding the foregoing, (A) to the extent any such rights, options or warrants are redeemed by the Corporation
prior to a Rights Trigger or are exchanged by the Corporation, in either case for Class A Shares, the Conversion Amount shall be appropriately
readjusted (if and to the extent previously adjusted pursuant to this SECTION 6(f)(xi)) as if such rights, options or warrants had not
been issued, and instead the Conversion Amount will be adjusted as if the Corporation had issued the Class A Shares issued upon such redemption
or exchange as a dividend or distribution of Class A Shares subject to SECTION 6(f)(i)(A) and (B) to the extent any such rights, options
or warrants are redeemed by the Corporation prior to a Rights Trigger or are exchanged by the Corporation, in either case for any shares
of the Corporation&rsquo;s capital (other than Class A Shares) or any other assets of the Corporation, such redemption or exchange shall
be deemed to be a distribution and shall be subject to, and paid to the holders of Series 5 Preferred Shares pursuant to, the provisions
of SECTION 2(a) applicable to Participating Dividends.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, any adjustment of the Conversion Amount or entitlement to acquire Class A Shares pursuant to this Designation
shall be subject to the rules of the Exchange to the extent required to comply with such rules. If after the date of effectiveness of
this Designation there is a change in the applicable rules of the Exchange on which the Class A Shares are listed at the time such change
becomes effective or in the interpretation of such applicable rules that would cause the Class A Shares to be delisted by such Exchange
as a result of the terms of this Designation, the rights of the holders of the Series 5 Preferred Shares set forth in this Designation
shall thereafter be limited to the extent required by such changed rules in order for the Class A Shares to continue to be listed on such
Exchange.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Designation, if an adjustment to the Conversion Amount becomes effective on any Ex-Dividend Date as described
herein, and a holder of Series 5 Preferred Shares that have been converted on or after such Ex-Dividend Date and on or prior to the related
record date would be treated as the record holder of Class A Shares as of the related Conversion Date based on an adjusted Conversion
Amount for such Ex-Dividend Date, then, notwithstanding such Conversion Amount adjustment provisions, the Conversion Amount adjustment
relating to such Ex-Dividend Date will not be made for such converted Series 5 Preferred Shares. Instead, the holder of such converted
Series 5 Preferred Shares will be treated as if such holder were the record owner of the Class A Shares on an unadjusted basis and participate
in the related dividend, distribution or other event giving rise to such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Record Date</U>. In the event of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
share split or combination of the outstanding Class A Shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
declaration or making of a dividend or other distribution to holders of Class A Shares in additional Class A Shares, any other share capital,
other securities or other property (including, but not limited to, cash and evidences of indebtedness);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
reclassification or change to which SECTION 6(f)(i)(B) applies;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
dissolution, liquidation or winding up of the Corporation; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other event constituting a Disposition Event;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">then the Corporation shall file with its corporate
records and mail to the holders of the Series 5 Preferred Shares at their last addresses as shown on the records of the Corporation, at
least ten (10) days prior to the record date specified in (A)&nbsp;below or ten (10) days prior to the date specified in (B)&nbsp;below,
a notice stating:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(A)&nbsp;the record date of such share split, combination,
dividend or other distribution, or, if a record is not to be taken, the date as of which the holders of Class A Shares of record to be
entitled to such share split, combination, dividend or other distribution are to be determined, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;the date on which such reclassification,
change, dissolution, liquidation, winding up or other event constituting a Disposition Event, is estimated to become effective, and the
date as of which it is expected that holders of Class A Shares of record will be entitled to exchange their Class A Shares for the share
capital, other securities or other property (including, but not limited to, cash and evidences of indebtedness) deliverable upon such
reclassification, change, liquidation, dissolution, winding up or other Disposition Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Disclosures made by the Corporation in any public
filings made under the Exchange Act shall be deemed to satisfy the notice requirements set forth in this SECTION 6(g).</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate
of Adjustments</U>. Upon the occurrence of each adjustment or readjustment of the Conversion Amount pursuant to this SECTION 6, the Corporation
shall compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Series 5 Preferred Shares
a certificate, signed by an officer of the Corporation, setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Corporation shall, upon the reasonable written request of any holder of Series
5 Preferred Shares, furnish to such holder a similar certificate setting forth (i) the calculation of such adjustments and readjustments
in reasonable detail, (ii) the Conversion Amount then in effect, and (iii) the number of Class A Shares and the amount, if any, of share
capital, other securities or other property (including, but not limited to, cash and evidences of indebtedness) which then would be received
upon the conversion of Series 5 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Definitions</U>. For purposes of this Designation, the following terms shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any person, any other person that directly or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with, such specified person. Notwithstanding the foregoing, the Corporation, its subsidiaries and its other
controlled Affiliates shall not be considered Affiliates of the Investor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Beneficially
Own</U>,&rdquo; &ldquo;<U>Beneficially Owned</U>&rdquo; or &ldquo;<U>Beneficial Ownership</U>&rdquo; has the meaning set forth in Rule
13d-3 of the rules and regulations promulgated under the Exchange Act, except that for purposes hereof the words &ldquo;within sixty days&rdquo;
in Rule 13d-3(d)(1)(i) shall not apply, to the effect that a person shall be deemed to be the Beneficial Owner of a security if that person
has the right to acquire beneficial ownership of such security at any time. For the avoidance of doubt, for purposes hereof, except where
otherwise expressly provided herein, the Investor (or any other person) shall at all times be deemed to have Beneficial Ownership of Class
A Shares issuable upon conversion of the Series 5 Preferred Shares directly or indirectly held by them, irrespective of any applicable
restrictions on transfer, conversion or voting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Board
of Directors</U>&rdquo; means the board of directors of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Business
Day</U>&rdquo; means a day other than a Saturday, Sunday or other day on which commercial banking institutions are authorized or required
by law, regulation or executive order to close in New York City, New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<U>Closing
Price</U>&rdquo; of the Class A Shares on any date means the closing sale price per share (or if no closing sale price is reported, the
average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that
date as reported in composite transactions for the Exchange or, if the Class A Shares are not listed or admitted for trading on an Exchange,
as reported on the quotation system on which such security is quoted. If the Class A Shares are not listed or admitted for trading on
an Exchange and not reported on a quotation system on the relevant date, the &ldquo;closing price&rdquo; will be the last quoted bid price
for the Class A Shares in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization.
If the Class A Shares are not so quoted, the last reported sale price will be the average of the mid-point of the last bid and ask prices
for the Class A Shares on the relevant date from each of at least three nationally recognized investment banking firms selected by the
Corporation for this purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Common
Shares</U>&rdquo; means the Class A Shares, the Class B Shares, the Class C Shares and any other common shares in the capital of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>control</U>,&rdquo;
 &ldquo;<U>controlling</U>,&rdquo; &ldquo;<U>controlled by</U>&rdquo; and &ldquo;<U>under common control with</U>,&rdquo; with respect
to any person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such person, whether through the ownership of Voting Stock, by contract or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Convertible
Security</U>&rdquo; means any debt or other evidences of indebtedness, shares of capital or other securities directly or indirectly convertible
into or exercisable or exchangeable for Class A Shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Corporation</U>&rdquo;
means MDC Partners Inc., a Delaware corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Current
Market Price</U>&rdquo; of Class A Shares on any day means the average of the Closing Prices per Class A Share for each of the five (5)
consecutive Trading Days ending on the earlier of the day in question and the day before the Ex-Dividend Date with respect to the issuance
or distribution requiring such computation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<U>Designation</U>&rdquo;
mean this Designation of the Series 5 Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Ex-Dividend
Date</U>&rdquo; means, with respect to any issuance or distribution, the first date on which the Class A Shares trade on the applicable
exchange or in the applicable market, regular way, without the right to receive such issuance or distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange</U>&rdquo;
means Nasdaq and, if the Class A Shares are not then listed on Nasdaq, the principal other U.S. national or regional securities exchange
or market on which the Class A Shares are then listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fair
Market Value</U>&rdquo; of the Class A Shares or any other security or property means the fair market value thereof as determined in good
faith by the Board of Directors, which determination must be set forth in a written resolution of the Board of Directors, in accordance
with the following rules:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
Class A Shares or other security traded or quoted on an Exchange, the Fair Market Value will be the average of the Closing Prices of such
security on such Exchange over a ten (10) consecutive Trading Day period, ending on the Trading Day immediately prior to the date of determination;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
any other property, the Fair Market Value shall be determined by the Board of Directors assuming a willing buyer and a willing seller
in an arm&rsquo;s-length transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>group</U>&rdquo;
has the meaning assigned to such term in Section&nbsp;13(d)(3) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>hereof</U>,&rdquo;
 &ldquo;<U>herein</U>&rdquo; and &ldquo;<U>hereunder</U>&rdquo; and words of similar import refer to this Designation as a whole and not
merely to any particular clause, provision, section or subsection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Investor</U>&rdquo;
shall mean Broad Street Principal Investments, L.L.C.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Market
Disruption Event</U>&rdquo; means, with respect to the Class A Shares, (i) a failure by the Exchange to open for trading during its regular
trading session or (ii) the occurrence or existence for more than one half hour period in the aggregate on any scheduled Trading Day for
the Class A Shares of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
Exchange, or otherwise) in the Class A Shares or in any options, contracts or future contracts relating to the Class A Shares, and such
suspension or limitation occurs or exists at any time before 1:00 p.m. (New York City time) on such day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Nasdaq</U>&rdquo;
means The NASDAQ Global Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>person</U>&rdquo;
means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government, any agency or political subdivisions thereof or other &ldquo;person&rdquo; as
contemplated by Section&nbsp;13(d) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Securities
Act&rdquo;</U> means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Securities
Purchase Agreement</U>&rdquo; means that certain Securities Purchase Agreement, dated as of February 14, 2017, between the Corporation
and the Investor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Series
5 Original Issuance Date</U>&rdquo; means, with respect to any Series 5 Preferred Share, the original issue date of such Series 5 Preferred
Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>share
capital</U>&rdquo; means any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting)
of capital, partnership interests (whether general or limited) or equivalent ownership interests in or issued by such person, and with
respect to the Corporation includes, without limitation, any and all Common Shares and the Series 5 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Subsidiary</U>&rdquo;
means with respect to any person, any corporation, association or other business entity of which more than 50% of the outstanding Voting
Stock is owned, directly or indirectly, by, or, in the case of a partnership, the sole general partner or the managing partner or the
only general partners of which are, such person and one or more Subsidiaries of such person (or a combination thereof). Unless otherwise
specified, &ldquo;Subsidiary&rdquo; means a Subsidiary of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Trading
Day</U>&rdquo; means any day on which (i) there is no Market Disruption Event and (ii) the Exchange is open for trading or, if the Class
A Shares are not so listed, admitted for trading or quoted, any Business Day. A Trading Day only includes those days that have a scheduled
closing time of 4:00 p.m. (New York City time) or the then standard closing time for regular trading on the relevant Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Voting
Stock</U>&rdquo; shall mean the Class A Shares, the Class B Shares and the Class C Shares and securities of any class or kind ordinarily
having the power to vote generally for the election of directors of the Board of Directors of the Corporation or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the following terms is defined in the Section set forth opposite such term:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 61%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Term</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 38%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Section</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Aggregate Amount</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Class A Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Class A Shares Outstanding</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Class B Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Class C Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Conversion Amount</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Conversion Date</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disposition Event</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iv)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Expiration Date</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Expiration Time</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)(A)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Liquidation Entitlement</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Maximum Voting Power</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Participating Dividends</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 2(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Purchased Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Reference Property</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iv)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rights Trigger</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(xi)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-size: 10pt">Series 5 Preferred Shares</FONT></TD>
    <TD STYLE="width: 20%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 55%; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">SECTION 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.
For purposes of this Designation, the following provisions shall apply:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
Tax</U>. Notwithstanding any other provision of this Designation, the Corporation may deduct or withhold from any payment, distribution,
issuance or delivery (whether in cash or in shares) to be made pursuant to this Designation any amounts required or permitted by law to
be deducted or withheld from any such payment, distribution, issuance or delivery and shall remit any such amounts to the relevant tax
authority as required. If the cash component of any payment, distribution, issuance or delivery to be made pursuant to this Designation
is less than the amount that the Corporation is so required or permitted to deduct or withhold, the Corporation shall be permitted to
deduct and withhold from any noncash payment, distribution, issuance or delivery to be made pursuant to this Designation any amounts required
or permitted by law to be deducted or withheld from any such payment, distribution, issuance or delivery and to dispose of such property
in order to remit any amount required to be remitted to any relevant tax authority. Notwithstanding the foregoing, the amount of any payment,
distribution, issuance or delivery made to a holder of Series 5 Preferred Shares pursuant to this Designation shall be considered to be
the amount of the payment, distribution, issuance or delivery received by such holder plus any amount deducted or withheld pursuant to
this SECTION 8. In the absence of any such deduction or withholding by the Corporation, and unless agreed otherwise by the Corporation
in writing, holders of Series 5 Preferred Shares shall be responsible for all withholding taxes in respect of any payment, distribution,
issuance or delivery made or credited to them pursuant to this Designation and shall indemnify and hold harmless the Corporation on an
after-tax basis (for this purpose, having regard only to taxes for which the Corporation is liable for any such taxes imposed on any payment,
distribution, issuance or delivery made or credited to them pursuant to this Designation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Wire
or Electronic Transfer of Funds</U>. Notwithstanding any other right, privilege, restriction or condition attaching to the Series 5 Preferred
Shares, the Corporation may, at its option, make any payment due to registered holders of Series 5 Preferred Shares by way of a wire or
electronic transfer of funds to such holders. If a payment is made by way of a wire or electronic transfer of funds, the Corporation shall
be responsible for any applicable charges or fees relating to the making of such transfer. As soon as practicable following the determination
by the Corporation that a payment is to be made by way of a wire or electronic transfer of funds, the Corporation shall provide a notice
to the applicable registered holders of Series 5 Preferred Shares at their respective addresses appearing on the books of the Corporation.
Such notice shall request that each applicable registered holder of Series 5 Preferred Shares provide the particulars of an account of
such holder with a chartered bank in the United States to which the wire or electronic transfer of funds shall be directed. If the Corporation
does not receive account particulars from a registered holder of Series 5 Preferred Shares prior to the date such payment is to be made,
the Corporation shall deposit the funds otherwise payable to such holder in a special account or accounts in trust for such holder. The
making of a payment by way of a wire or electronic transfer of funds or the deposit by the Corporation of funds otherwise payable to a
holder in a special account or accounts in trust for such holder shall be deemed to constitute payment by the Corporation on the date
thereof and shall satisfy and discharge all liabilities of the Corporation for such payment to the extent of the amount represented by
such transfer or deposit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
The provisions attaching to the Series 5 Preferred Shares may be deleted, varied, modified, amended or amplified by amendment with such
approval as may then be required by the General Corporation Law of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>U.S.
Currency</U>. Unless otherwise stated, all references herein to sums of money are expressed in lawful money of the United States.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESIGNATION<BR>
OF<BR>
SERIES 6 CONVERTIBLE PREFERRED STOCK<BR>
OF<BR>
MDC PARTNERS INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation
and Amount</U>. The designation of this series of Preferred Stock is &ldquo;Series 6 Convertible Preferred Stock&rdquo; (the &ldquo;<U>Series
6 Preferred Shares</U>&rdquo;), par value $0.001, and the number of shares constituting such series is Fifty Thousand (50,000). Subject
to the Certificate of Incorporation, such number of shares may be increased or decreased by resolution of the Board of Directors; provided,
however, that no decrease shall reduce the number of shares of Series 6 Preferred Shares to less than the number of shares then issued
and outstanding plus the number of shares issuable upon exercise of outstanding rights, options or warrants or upon conversion of outstanding
securities issued by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 2. <U>Dividends</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Participating
Dividends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
holder of issued and outstanding Series 6 Preferred Shares will be entitled to receive, when, as and if declared by the Board of Directors,
out of funds legally available for the payment of dividends for each Series 6 Preferred Share, dividends of the same type as any dividends
or other distribution, whether in cash, in kind or in other property, payable or to be made on outstanding Class A Subordinate Voting
Shares of the Corporation (the &ldquo;<U>Class A Shares</U>&rdquo;), in an amount equal to the amount of such dividends or other distribution
as would be made on the number of Class A Shares into which such Series 6 Preferred Shares could be converted on the applicable record
date for such dividends or other distribution on the Class A Shares, without giving effect to the limitations set forth in SECTION 6(b)
after aggregating all shares held by the same holder (the &ldquo;<U>Participating Dividends</U>&rdquo;) and disregarding any rounding
for fractional amounts; <U>provided</U>, <U>however</U>, that notwithstanding the above, the holders of Series 6 Preferred Shares shall
not be entitled to receive any dividends or distributions for which an adjustment to the Conversion Price (as defined below) shall be
made pursuant to SECTION 6(f)(i)(A) or SECTION 6(f)(ii) (and such dividends or distributions that are not payable to the holders of Series
6 Preferred Shares as a result of this proviso shall not be deemed to be Participating Dividends).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participating
Dividends are payable at the same time as and when such dividends or other distributions on the Class A Shares are paid to the holders
of Class A Shares and are payable to holders of record of Series 6 Preferred Shares on the record date for the corresponding dividend
or distribution on the Class A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Dividends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the occurrence of a Specified Event, each holder of issued and outstanding Series 6 Preferred Shares will be entitled to receive, when,
as and if declared by the Board of Directors, out of funds legally available for the payment of dividends for each Series 6 Preferred
Share, with respect to each Dividend Period, dividends at a rate per annum equal to the Additional Rate multiplied by the Base Liquidation
Preference per Series 6 Preferred Share (the &ldquo;<U>Additional Dividends</U>&rdquo; and, together with Participating Dividends, the
 &ldquo;<U>Dividends</U>&rdquo;). Any Additional Dividends payable pursuant to this SECTION 2(b) shall be in addition to any Participating
Dividends, as applicable, payable pursuant to SECTION 2(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Dividends will accrue on a daily basis and be cumulative from the date on which a Specified Event occurs and are payable in arrears on
each Dividend Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Dividends in respect of any Dividend Period shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount
of Additional Dividends payable for any Dividend Period shorter or longer than a full quarterly Dividend Period will be computed on the
basis of a 360-day year consisting of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Dividends that are declared and payable on a Dividend Payment Date will be paid to the holders of record of Series 6 Preferred Shares
as they appear in the records of the Corporation at the close of business on the 15th day of the calendar month prior to the month in
which the applicable Dividend Payment Date falls, provided that Additional Dividends payable upon redemption or conversion of Series 6
Preferred Shares will be payable to the holder of record on the Redemption Date or the Conversion Date, as applicable. Any payment of
an Additional Dividend will first be credited against the earliest accumulated but unpaid Additional Dividend due with respect to each
share that remains payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Dividends are payable only in cash. Additional Dividends will accrue and cumulate whether or not the Corporation has earnings or profits,
whether or not there are funds legally available for the payment of Additional Dividends and whether or not Additional Dividends are declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
a Specified Event has occurred and while any Series 6 Preferred Shares remain outstanding, unless all Additional Dividends accrued to
the end of all completed Dividend Periods have been paid in full, neither the Corporation nor any of its subsidiaries may (A) declare,
pay or set aside for payment any dividends or distributions on any Junior Securities or (B) repurchase, redeem or otherwise acquire any
Junior Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of SECTION 2(b)(vi) shall not prohibit:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;the repurchase, redemption, retirement
or other acquisition of vested or unvested Common Shares held by any future, present or former officer, director, employee, manager or
consultant (or their respective permitted transferees) of the Corporation or any subsidiary of the Corporation pursuant to any equity
incentive grant, plan, program or arrangement, any severance agreement or any stock subscription or equityholder agreement, in each case
solely to the extent required by the terms thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(B)&nbsp;payments made or expected to be made
by the Corporation in respect of withholding or similar taxes payable in connection with the exercise or vesting of Common Shares or Class
A Equivalents by any future, present or former officer, director, employee, manager or consultant (or their respective permitted transferees)
of the Corporation or any subsidiary of the Corporation and repurchases or withholdings of Common Shares or Class A Equivalents in connection
with any exercise or vesting of Common Shares or Class A Equivalents if such Common Shares or Class A Equivalents represent all or a portion
of the exercise price of, or withholding obligation with respect to, such Common Shares or Class A Equivalents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(C)&nbsp;cash payments made in lieu of issuing
fractional Common Shares in connection with the exercise or vesting of Common Shares or Class A Equivalents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(D)&nbsp;payments arising from agreements of
the Corporation or a subsidiary of the Corporation providing for adjustment of purchase price, deferred consideration, earn outs or similar
obligations, in each case incurred in connection with the purchase or investment by the Corporation or a subsidiary of the Corporation
of or in assets or capital stock of a third party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(E)&nbsp;payments or distributions made pursuant
to any plan or proposal for the liquidation or dissolution of the Corporation or pursuant to any decree or order for relief or made by
any custodian of the Corporation in connection with any voluntary case or proceeding under Title 11 of the U.S. Code or any similar federal,
state or non-U.S. law for the relief of debtors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall pay Dividends (less any tax required to be deducted and withheld by the Corporation), except in case of redemption or
conversion in which case payment of Dividends shall be made on surrender of the certificate, if any, representing the Series 6 Preferred
Shares to be redeemed or converted, by electronic funds transfer or by sending to each holder of Series 6 Preferred Shares a check for
such Dividends payable to the order of such holder or, in the case of joint holders, to the order of all such holders failing written
instructions from them to the contrary or in such other manner, not contrary to applicable law, as the Corporation shall reasonably determine.
The making of such payment or the posting or delivery of such check on or before the date on which such Dividend is to be paid to a holder
shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Dividends to the extent of the sum
represented thereby (plus the amount of any tax required to be and in fact deducted and withheld by the Corporation from the related Dividends
as aforesaid and remitted to the proper taxing authority) unless such check is not honored when presented for payment. Subject to applicable
law, Dividends which are represented by a check which has not been presented to the Corporation&rsquo;s bankers for payment or that otherwise
remain unclaimed for a period of six years from the date on which they were declared to be payable shall be forfeited to the Corporation.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of the Series 6 Preferred Shares are not entitled to any dividend, whether payable in cash, in kind or other property, in excess of the
Participating Dividends and, if applicable, the Additional Dividends, as provided in this SECTION 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation
Preference</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each Series 6 Preferred Share entitles the holder
thereof to receive and to be paid out of the assets of the Corporation available for distribution, before any distribution or payment
may be made to a holder of any Class A Shares, any Class B Shares of the Corporation (the &ldquo;<U>Class B Shares</U>&rdquo;) or any
Class C Shares of the Corporation (the &ldquo;<U>Class C Shares</U>&rdquo;) or any other shares ranking junior as to capital to the Series
6 Preferred Shares, an amount per Series 6 Preferred Share equal to the greater of (i) the Base Liquidation Preference (as defined below),
as increased by the Accretion Rate (as defined below) from the most recent Quarterly Compounding Date to the date of such liquidation,
dissolution or winding up (without duplication of changes to the Base Liquidation Preference as provided for in SECTION 3(b)) plus any
accrued but unpaid Dividends with respect thereto, and (ii) an amount equal to the amount the holders of the Series 6 Preferred Shares
would have received per Series 6 Preferred Share upon liquidation, dissolution or winding up of the Corporation had such holders converted
their Series 6 Preferred Shares into Class A Shares immediately prior thereto, without giving effect to the limitations set forth in SECTION
6(b) and disregarding any rounding for fractional amounts (the greater of the amount in clause (i) and clause (ii), the &ldquo;<U>Liquidation
Preference</U>&rdquo;). Notwithstanding the foregoing or anything in this Designation to the contrary, immediately prior to and conditioned
upon the consummation of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, if the amount set forth
in clause (i) above is greater than the amount set forth in clause (ii) above, any holder of outstanding Series 6 Preferred Shares shall
have the right to convert its Series 6 Preferred Shares into Class A Shares by substituting the Fair Market Value of a Class A Share for
the then-applicable Conversion Price and without giving effect to the limitations set forth in SECTION 6(b) and disregarding any rounding
for fractional amounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 &ldquo;<U>Base Liquidation Preference</U>&rdquo; per Series 6 Preferred Share shall initially be equal to the Original Purchase Price.
From and after the Series 6 Original Issuance Date, the Base Liquidation Preference of each Series 6 Preferred Share shall increase on
a daily basis, on the basis of a 360-day year consisting of twelve 30-day months, at a rate of 8.0% per annum (the &ldquo;<U>Accretion
Rate</U>&rdquo;) of the then-applicable Base Liquidation Preference, the amount of which increase shall compound quarterly on each March
31, June 30, September 30 and December 31 (each, a &ldquo;<U>Quarterly Compounding Date</U>&rdquo;) from the Series 6 Original Issuance
Date through March 14, 2024, following which the Accretion Rate will decrease to 0% per annum and the Base Liquidation Preference per
Series 6 Preferred Share will not increase during any period subsequent to March 14, 2024. The Base Liquidation Preference shall be proportionally
adjusted for any stock dividends, splits, combinations and similar events on the Series 6 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
payment to the holders of the Series 6 Preferred Shares of the full Liquidation Preference to which they are entitled, the Series 6 Preferred
Shares as such will have no right or claim to any of the assets of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of any property not consisting of cash that is distributed by the Corporation to the holders of the Series 6 Preferred Shares will
equal the Fair Market Value thereof on the date of distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this SECTION 3,&nbsp;a Fundamental Change (in and of itself) shall not be deemed to be a liquidation, dissolution or winding
up of the Corporation subject to this SECTION 3 (it being understood that an actual liquidation, dissolution or winding up of the Corporation
in connection with a Fundamental Change will be subject to this SECTION 3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holders of outstanding Series 6 Preferred Shares shall not be entitled as such, except as required by law, to receive notice of or to
attend any meeting of the shareholders of the Corporation or to vote at any such meeting but shall be entitled to receive notice of meetings
of shareholders of the Corporation called for the purpose of authorizing the dissolution of the Corporation or the sale of its undertaking
or a substantial part thereof. The approval of the holders of the Series 6 Preferred Shares with respect to any and all matters referred
to in this Designation may be given in writing by all of the holders of the Series 6 Preferred Shares outstanding or by resolution duly
passed and carried as may then be required by the General Corporation Law of the State of Delaware at a meeting of the holders of the
Series 6 Preferred Shares duly called and held for the purpose of considering the subject matter of such resolution and at which holders
of not less than a majority of all Series 6 Preferred Shares then outstanding are present in person or represented by proxy in accordance
with the by-laws of the Corporation; <U>provided</U>, <U>however</U>, that if at any such meeting, when originally held, the holders of
at least a majority of all Series 6 Preferred Shares then outstanding are not present in person or so represented by proxy within 30 minutes
after the time fixed for the meeting, then the meeting shall be adjourned to such date, being not less than fifteen (15) days later. Notice
of any such original meeting of the holders of the Series 6 Preferred Shares shall be given not less than twenty-one (21) days prior to
the date fixed for such meeting and shall specify in general terms the purpose for which the meeting is called, and notice of any such
adjourned meeting shall be given not less than ten (10) days prior to the date fixed for such adjourned meeting, but it shall not be necessary
to specify in such notice the purpose for which the adjourned meeting is called. The formalities to be observed with respect to the giving
of notice of any such original meeting or adjourned meeting and the conduct of it shall be those from time to time prescribed in the by-laws
of the Corporation with respect to meetings of shareholders. On every poll taken at any such original meeting or adjourned meeting, each
holder of Series 6 Preferred Shares present in person or represented by proxy shall be entitled to one vote for each of the Series 6 Preferred
Shares held by such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary set forth herein, the holders of Series 6 Preferred Shares shall be entitled to vote on any merger of the Corporation
with any direct or indirect wholly-owned subsidiary thereof pursuant to which each share or fraction of a share of the Corporation is
converted into the right to receive, or exchanged for, a share or equal fraction of a share of stock of a new holding company having substantially
similar designations, rights, powers, and preferences and qualifications, limitations, and restrictions thereof as the share of the Corporation&rsquo;s
stock being converted or exchanged in the merger pursuant to Section 251(c) of the DGCL (a &ldquo;<U>Holdco-Sub Merger</U>&rdquo;) and
shall vote on any such Holdco-Sub Merger together as a single class with the holders of Class A Shares and Class B Shares; <U>provided</U>
that in connection with such vote, each Series 6 Share shall be entitled to 2,000 votes per Series 6 Share; and <U>provided further</U>
that from and after the time at which any such Holdco-Sub Merger occurs, the right of the holders of Series 6 Shares to vote on any other
Holdco-Sub Merger shall be extinguished and no longer exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
for Cancellation</U>. Subject to such provisions of the General Corporation Law of the State of Delaware as may be applicable, the Corporation
may at any time or times purchase (if obtainable) for cancellation all or any part of the Series 6 Preferred Shares outstanding from time
to time: (a) through the facilities of any Exchange or market on which the Series 6 Preferred Shares are listed, (b) by invitation for
tenders addressed to all the holders of record of the Series 6 Preferred Shares outstanding, or (c) in any other manner, in each case
at the lowest price or prices at which, in the opinion of the Board of Directors, such shares are obtainable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Series 6 Preferred Share
is convertible into Class A Shares as provided in this SECTION 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at the Option of Holders of Series 6 Preferred Shares</U>. Subject to SECTION 6(b), each holder of Series 6 Preferred Shares is entitled
to convert, in whole or in part at any time and from time to time, at the option and election of such holder upon receipt of all antitrust
approvals required in connection with such conversion (or the lapse of any applicable waiting period relating to such required antitrust
approvals), any or all outstanding Series 6 Preferred Shares held by such holder into a number of duly authorized, validly issued, fully
paid and nonassessable Class A Shares equal to the number (the &ldquo;<U>Conversion Amount</U>&rdquo;) determined by dividing (i)&nbsp;the
Base Liquidation Preference (as adjusted pursuant to SECTION 3(b) to the date immediately preceding the Conversion Date (as defined below))
for each Series 6 Preferred Share to be converted by (ii)&nbsp;the Conversion Price in effect at the time of conversion. The &ldquo;<U>Conversion
Price</U>&rdquo; initially is $5.00 per share, as adjusted from time to time as provided in SECTION 6(f). In order to convert the Series
6 Preferred Shares into Class A Shares, the holder must surrender the certificates representing such Series 6 Preferred Shares, accompanied
by transfer instruments satisfactory to the Corporation, free of any adverse interest or liens at the office of the Corporation&rsquo;s
transfer agent for the Series 6 Preferred Shares, together with written notice that such holder elects to convert all or such number of
shares represented by such certificates as specified therein. With respect to a conversion pursuant to this SECTION 6(a), the date of
receipt of such certificates, together with such notice and such other information or documents as may be required by the Corporation
(including any certificates delivered pursuant to SECTION 6(b)), by the transfer agent or the Corporation will be the date of conversion
(the &ldquo;<U>Conversion Date</U>&rdquo;) and the Conversion Date with respect to a conversion pursuant to SECTION 6(c) will be as provided
in such section.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Conversion</U>. Notwithstanding SECTION 6(a) or SECTION 6(c) but subject to SECTION 8, the Corporation shall not effect any conversion
of the Series 6 Preferred Shares or otherwise issue Class A Shares pursuant to SECTION 6(a) or SECTION 6(c), and no holder of Series 6
Preferred Shares will be permitted to convert Series 6 Preferred Shares into Class A Shares if, and to the extent that, following such
conversion, either (i) such holder&rsquo;s aggregate voting power on a matter being voted on by holders of Class A Shares would exceed
19.9% of the Maximum Voting Power (as defined below) or (ii) such holder would Beneficially Own more than 19.9% of the then outstanding
Common Shares; <U>provided</U>, <U>however</U>, that such conversion restriction shall not apply to any conversion in connection with
and subject to completion of (A) a public sale of the Class A Shares to be issued upon such conversion, if following consummation of such
public sale such holder will not Beneficially Own in excess of 19.9% of the then outstanding Class A Shares or (B) a <I>bona fide </I>third
party tender offer for the Class A Shares issuable thereupon. For purposes of the foregoing sentence, the number of Class A Shares Beneficially
Owned by a holder shall include the number of Class A Shares issuable upon conversion of the Series 6 Preferred Shares with respect to
which a conversion notice has been given, but shall exclude the number of Class A Shares which would be issuable upon conversion or exercise
of the remaining, unconverted portion of the Series 6 Preferred Shares and any Alternative Preference Shares Beneficially Owned by such
holder. Upon the written request of the holder, the Corporation shall within two (2) Business Days confirm in writing (which may be by
email) to any holder the number of Class A Shares, Class B Shares and Class C Shares then outstanding. In connection with any conversion
and as a condition to the Corporation effecting such conversion, upon request of the Corporation, a holder of Series 6 Preferred Shares
shall deliver to the Corporation a certificate, signed by a duly authorized officer of such holder, no less than twelve (12) Business
Days prior to the applicable conversion, certifying that, after giving effect to such conversion, (i) such holder&rsquo;s aggregate voting
power on a matter being voted on by holders of Class A Shares will not exceed 19.9% of the Maximum Voting Power or (ii) such holder will
not Beneficially Own more than 19.9% of the then outstanding Common Shares. For purposes hereof, &ldquo;<U>Maximum Voting Power</U>&rdquo;
means, at the time of determination of the Maximum Voting Power, the total number of votes which may be cast by all shares of the Corporation&rsquo;s
capital on a matter subject to the vote of the Common Shares and any other securities that constitute Voting Stock voting together as
a single class and after giving effect to any limitation on voting power set forth herein and the Certificate of Incorporation, the certificate
of designation or other similar document governing other Voting Stock. For purposes of this SECTION 6(b), the aggregate voting power and
Beneficial Ownership of Common Shares held by the Affiliates of a holder shall be attributed to such holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at the Option of the Corporation</U>. Subject to SECTION 6(b) and SECTION 8, at the Corporation&rsquo;s option and election and upon its
compliance with this SECTION 6(c), and in the case of the Investor and any Permitted Transferee upon receipt of all antitrust approvals
required in connection with such conversion (or the lapse of any applicable waiting period relating to such required antitrust approvals),
all outstanding Series 6 Preferred Shares shall be converted automatically into a number of duly authorized, validly issued, fully paid
and nonassessable Class A Shares equal to the Conversion Amount following written notice by the Corporation to the holders of Series 6
Preferred Shares notifying such holders of the conversion contemplated by this SECTION 6(c), which conversion shall occur on the date
specified in such notice, which shall not be less than ten (10) Business Days following the date of such notice (or in the case of the
Investor and any Permitted Transferee the later of (A) the date of receipt of all antitrust approvals required in connection with such
conversion (or the lapse of any applicable waiting period relating to such required antitrust approvals)) and (B) ten (10) Business Days
following the date of such notice), <U>provided</U>, that (i) prior to March 14, 2024, such notice may be delivered by the Corporation
(and such Series 6 Preferred Shares may be converted into Class A Shares pursuant to this SECTION 6(c)) only if the Closing Price per
Class A Share for the thirty (30) consecutive Trading Day period ending on the Trading Day immediately prior to delivery of a notice of
conversion pursuant to this SECTION 6(c) was at or above 125% of the then-applicable Conversion Price and (ii) following March 14, 2024,
such notice may be delivered by the Corporation (and such Series 6 Preferred Shares may be converted into Class A Shares pursuant to this
SECTION 6(c)) only if the Closing Price per Class A Share for the thirty (30) consecutive Trading Day period ending on the Trading Day
immediately prior to delivery of a notice of conversion pursuant to this SECTION 6(c) was at or above 100% of the then-applicable Conversion
Price; <U>provided further</U>, that following a Specified Event, the Corporation shall not be entitled to convert the Series 6 Preferred
Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, the holders of Series 6 Preferred Shares
shall continue to have the right to convert their Series 6 Preferred Shares pursuant to SECTION 6(a) until and through the Conversion
Date contemplated in this SECTION 6(c) and if such Series 6 Preferred Shares are converted pursuant to SECTION 6(a) such shares shall
no longer be converted pursuant to this SECTION 6(c) and the Corporation&rsquo;s notice delivered to the holders pursuant to this SECTION
6(c) shall be of no effect with respect to such shares converted pursuant to SECTION 6(a).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fractional
Shares</U>. No fractional Class A Shares will be issued upon conversion of the Series 6 Preferred Shares. In lieu of fractional shares,
the Corporation shall round, to the nearest whole number, the number of Class A Shares to be issued upon conversion of the Series 6 Preferred
Shares. If more than one Series 6 Preferred Share is being converted at one time by or for the benefit of the same holder, then the number
of full shares issuable upon conversion will be calculated on the basis of the aggregate number of Series 6 Preferred Shares converted
by or for the benefit of such holder at such time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mechanics
of Conversion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after the Conversion Date (and in any event within three (3) Business Days), the Corporation shall (A) issue and deliver to such holder
the number of Class A Shares to which such holder is entitled in exchange for the certificates formerly representing Series 6 Preferred
Shares and (B) pay to such holder, to the extent of funds legally available therefor, all declared and unpaid Dividends on the Series
6 Preferred Shares that are being converted into Class A Shares; <U>provided</U>, that any accrued and unpaid Dividends not paid to such
holder pursuant to the foregoing clause (B) shall, subject to SECTION 6(b), be converted into a number of duly authorized, validly issued,
fully paid and nonassessable Class A Shares equal to the number determined by dividing (x) the aggregate amount of such accrued and unpaid
Dividends on the Series 6 Preferred Shares that are being converted by (y) the then current Conversion Price. Such conversion will be
deemed to have been made on the Conversion Date, and the person entitled to receive the Class A Shares issuable upon such conversion shall
be treated for all purposes as the record holder of such Class A Shares on such Conversion Date. In case fewer than all the shares represented
by any such certificate are to be converted, a new certificate shall be issued representing the unconverted shares without cost to the
holder thereof, except for any documentary, stamp or similar issue or transfer tax due because any certificates for Class A Shares or
Series 6 Preferred Shares are issued in a name other than the name of the converting holder. The Corporation shall pay any documentary,
stamp or similar issue or transfer tax due on the issue of Class A Shares upon conversion or due upon the issuance of a new certificate
for any Series 6 Preferred Shares not converted other than any such tax due because Class A Shares or a certificate for Series 6 Preferred
Shares are issued in a name other than the name of the converting holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the Conversion Date, the Series 6 Preferred Shares to be converted on such Conversion Date will no longer be deemed to be outstanding,
and all rights of the holder thereof as a holder of Series 6 Preferred Shares (except the right to receive from the Corporation the Class
A Shares upon conversion, together with the right to receive any accrued and unpaid Dividends thereon) shall cease and terminate with
respect to such shares; <U>provided</U>, that in the event that a Series 6 Preferred Share is not converted, such Series 6 Preferred Share
will remain outstanding and will be entitled to all of the rights as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the conversion is in connection with any sale, transfer or other disposition of the Class A Shares issuable upon conversion of the Series
6 Preferred Shares, the conversion may, at the option of any holder tendering any Series 6 Preferred Share for conversion, be conditioned
upon the closing of the sale, transfer or the disposition of Class A Shares issuable upon conversion of Series 6 Preferred Shares with
the underwriter, transferee or other acquirer in such sale, transfer or disposition, in which event such conversion of such Series 6 Preferred
Shares shall not be deemed to have occurred until immediately prior to the closing of such sale, transfer or other disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Class A Shares issued upon conversion of the Series 6 Preferred Shares will, upon issuance by the Corporation, be duly and validly issued,
fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments
to Conversion Price</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Change In Share Capital</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;If the Corporation shall, at any time
and from time to time while any Series 6 Preferred Shares are outstanding, issue a dividend or make a distribution on its Class A Shares
payable in its Class A Shares to all or substantially all holders of its Class A Shares, then the Conversion Price at the opening of business
on the Ex-Dividend Date for such dividend or distribution will be adjusted by multiplying such Conversion Price by a fraction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;the numerator of which
shall be the number of Class A Shares outstanding at the close of business on the Business Day immediately preceding such Ex-Dividend
Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;the denominator of which
shall be the sum of the number of Class A Shares outstanding at the close of business on the Business Day immediately preceding the Ex-Dividend
Date for such dividend or distribution, plus the total number of Class A Shares constituting such dividend or other distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any dividend or distribution of the type described
in this SECTION 6(f)(i)(A) is declared but not so paid or made, the Conversion Price shall again be adjusted to the Conversion Price which
would then be in effect if such dividend or distribution had not been declared. Except as set forth in the preceding sentence, in no event
shall the Conversion Price be increased pursuant to this SECTION 6(f)(i)(A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(B)&nbsp;If the Corporation shall, at any time
or from time to time while any of the Series 6 Preferred Shares are outstanding, subdivide or reclassify its outstanding Class A Shares
into a greater number of Class A Shares, then the Conversion Price in effect at the opening of business on the day upon which such subdivision
becomes effective shall be proportionately decreased, and conversely, if the Corporation shall, at any time or from time to time while
any of the Series 6 Preferred Shares are outstanding, combine or reclassify its outstanding Class A Shares into a smaller number of Class
A Shares, then the Conversion Price in effect at the opening of business on the day upon which such combination or reclassification becomes
effective shall be proportionately increased. In each such case, the Conversion Price shall be adjusted by multiplying such Conversion
Price by a fraction, the numerator of which shall be the number of Class A Shares outstanding immediately prior to such subdivision or
combination and the denominator of which shall be the number of Class A Shares outstanding immediately after giving effect to such subdivision,
combination or reclassification. Such increase or reduction, as the case may be, shall become effective immediately after the opening
of business on the day upon which such subdivision, combination or reclassification becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Rights Issue</U>. If the Corporation shall, at any time or from time to time, while any Series 6 Preferred Shares are outstanding,
distribute rights, options or warrants to all or substantially all holders of its Class A Shares entitling them, for a period expiring
within sixty (60) days after the record date for such distribution, to purchase Class A Shares, or securities convertible into, or exchangeable
or exercisable for, Class A Shares, in either case, at less than the average of the Closing Prices for the five (5) consecutive Trading
Days immediately preceding the first public announcement of the distribution, then the Conversion Price shall be adjusted so that the
same shall equal the rate determined by multiplying the Conversion Price in effect at the opening of business on the Ex-Dividend Date
for such distribution by a fraction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;the numerator of which shall be the
sum of (1) the number of Class A Shares Outstanding on the close of business on the Business Day immediately preceding the Ex-Dividend
Date for such distribution, plus (2) the number of Class A Shares that the aggregate offering price of the total number of Class A Shares
issuable pursuant to such rights, options or warrants would purchase at the Current Market Price of the Class A Shares on the declaration
date for such distribution (determined by multiplying such total number of Class A Shares so offered by the exercise price of such rights,
options or warrants and dividing the product so obtained by such Current Market Price); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(B)&nbsp;the denominator of which shall be the
number of Class A Shares Outstanding at the close of business on the Business Day immediately preceding the Ex-Dividend Date for such
distribution, plus the total number of additional Class A Shares issuable pursuant to such rights, options or warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;<U>Class A Shares Outstanding</U>&rdquo;
shall mean, without duplication, and include the following, and the following shall be included whether vested or unvested, whether contingent
or non-contingent and whether exercisable or not yet exercisable, and without regard to any other limitations or restrictions on conversion
or exercise:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;the number
of Class A Shares, Class B Shares and Class C Shares then outstanding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;all Class
A Shares issuable upon conversion of outstanding Series 6 Preferred Shares; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;all Class
A Shares issuable upon exercise of outstanding options and any other Convertible Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Such adjustment shall become effective immediately
after the opening of business on the Ex-Dividend Date for such distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that Class A Shares are not delivered
pursuant to such rights, options or warrants or upon the expiration or termination of such rights, options or warrants, the Conversion
Price shall be readjusted to the Conversion Price that would then be in effect had the adjustments made upon the issuance of such rights,
options or warrants been made on the basis of the delivery of only the number of Class A Shares actually delivered. In the event that
such rights, options or warrants are not so distributed, the Conversion Price shall again be adjusted to be the Conversion Price which
would then be in effect if the Ex-Dividend Date for such distribution had not occurred. In determining whether any rights, options or
warrants entitle the holders to purchase Class A Shares at less than the average of the Closing Prices for the five (5) consecutive Trading
Days immediately preceding the first public announcement of the relevant distribution, and in determining the aggregate offering price
of such Class A Shares, there shall be taken into account any consideration received for such rights, options or warrants and the value
of such consideration if other than cash, to be determined in good faith by the Board of Directors. Except as set forth in this paragraph,
in no event shall the Conversion Price be increased pursuant to this SECTION 6(f)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Certain Tender Offers or Exchange Offers</U>. In case the Corporation or any of its Subsidiaries shall, at any time or from time to
time, while any Series 6 Preferred Shares are outstanding, distribute cash or other consideration in respect of a tender offer or an exchange
offer (that is treated as a &ldquo;<U>tender offer</U>&rdquo; under U.S. federal securities laws) made by the Corporation or any Subsidiary
for all or any portion of the Class A Shares, where the sum of the aggregate amount of such cash distributed and the aggregate Fair Market
Value, as of the Expiration Date (as defined below), of such other consideration distributed (such sum, the &ldquo;<U>Aggregate Amount</U>&rdquo;)
expressed as an amount per Class A Share validly tendered or exchanged, and not withdrawn, pursuant to such tender offer or exchange offer
as of the Expiration Time (as defined below) (such tendered or exchanged Class A Shares, the &ldquo;<U>Purchased Shares</U>&rdquo;) exceeds
the Closing Price per share of the Class A Shares on the Trading Day immediately following the last date (such last date, the &ldquo;<U>Expiration
Date</U>&rdquo;) on which tenders or exchanges could have been made pursuant to such tender offer or exchange offer (as the same may be
amended through the Expiration Date), then, and in each case, immediately after the close of business on such date, the Conversion Price
shall be decreased so that the same shall equal the rate determined by multiplying the Conversion Price in effect immediately prior to
the close of business on the Trading Day immediately following the Expiration Date by a fraction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;the numerator of which shall be equal
to the product of (1)&nbsp;the number of Class A Shares outstanding as of the last time (the &ldquo;<U>Expiration Time</U>&rdquo;) at
which tenders or exchanges could have been made pursuant to such tender offer or exchange offer (including all Purchased Shares) and (2)&nbsp;the
Closing Price per share of the Class A Shares on the Trading Day immediately following the Expiration Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(B)&nbsp;the denominator of which is equal to
the sum of (x)&nbsp;the Aggregate Amount and (y)&nbsp;the product of (I)&nbsp;an amount equal to (1)&nbsp;the number of Class A Shares
outstanding as of the Expiration Time, less (2)&nbsp;the Purchased Shares and (II)&nbsp;the Closing Price per share of the Class A Shares
on the Trading Day immediately following the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An adjustment, if any, to the Conversion Price
pursuant to this SECTION 6(f)(iii) shall become effective immediately prior to the opening of business on the second Trading Day immediately
following the Expiration Date. In the event that the Corporation or a Subsidiary is obligated to purchase Class A Shares pursuant to any
such tender offer or exchange offer, but the Corporation or such Subsidiary is permanently prevented by applicable law from effecting
any such purchases, or all such purchases are rescinded, then the Conversion Price shall again be adjusted to be the Conversion Price
which would then be in effect if such tender offer or exchange offer had not been made. Except as set forth in the preceding sentence,
if the application of this SECTION 6(f)(iii) to any tender offer or exchange offer would result in an increase in the Conversion Price,
no adjustment shall be made for such tender offer or exchange offer under this SECTION 6(f)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disposition
Events</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;If any of the following events (any
such event, a &ldquo;<U>Disposition Event</U>&rdquo;) occurs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">(1)&nbsp;&nbsp;&nbsp;any reclassification
or exchange of the Class A Shares (other than as a result of a subdivision or combination);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">(2)&nbsp;&nbsp;&nbsp;any merger, amalgamation,
consolidation or other combination to which the Corporation is a constituent party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1.5in">(3)&nbsp;&nbsp;&nbsp;any sale, conveyance,
lease, or other disposal of all or substantially all the properties and assets of the Corporation to any other person;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in each case, as a result of which all of the holders of Class A Shares
shall be entitled to receive cash, securities or other property for their Class A Shares, the Series 6 Preferred Shares converted following
the effective date of any Disposition Event shall be converted, in lieu of the Class A Shares otherwise deliverable, into the same amount
and type (in the same proportion) of cash, securities or other property received by holders of Class A Shares in the relevant event (collectively,
 &ldquo;<U>Reference Property</U>&rdquo;) received upon the occurrence of such Disposition Event by a holder of Class A Shares holding,
immediately prior to the transaction, a number of Class A Shares equal to the Conversion Amount (without giving effect to any limitations
on conversion set forth in SECTION 6(b)) immediately prior to such Disposition Event; <U>provided</U> that if the Disposition Event provides
the holders of Class A Shares with the right to receive more than a single type of consideration determined based in part upon any form
of stockholder election, the Reference Property shall be comprised of the weighted average of the types and amounts of consideration received
by the holders of the Class A Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 123.85pt">(B)&nbsp;The above provisions of this
SECTION 6(f)(iv) shall similarly apply to successive Disposition Events. If this SECTION 6(f)(iv) applies to any event or occurrence,
neither SECTION 6(f)(i) nor SECTION 6(f)(iii) shall apply; <U>provided</U>, <U>however</U>, that this SECTION 6(f)(iv) shall not apply
to any share split or combination to which SECTION 6(f)(i) is applicable or to a liquidation, dissolution or winding up to which SECTION
3 applies. To the extent that equity securities of a company are received by the holders of Class A Shares in connection with a Disposition
Event, the portion of the Series 6 Preferred Shares which will be convertible into such equity securities will continue to be subject
to the anti-dilution adjustments set forth in this SECTION 6(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Certain Issuances of Additional Class A Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;Other than in respect of an issuance
or distribution in respect of which SECTION 6(f)(ii) applies, in the event the Corporation shall at any time after the Series 6 Original
Issuance Date while the Series 6 Preferred Shares are outstanding issue Additional Class A Shares, without consideration or for a consideration
per share less than the applicable Conversion Price immediately prior to such issuance in effect on the date of and immediately prior
to such issue, then and in such event, such Conversion Price shall be reduced, concurrently with such issuance, to a price determined
by multiplying such Conversion Price by a fraction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
numerator of which shall be (a) the number of Class A Shares Outstanding (as defined below) immediately prior to such issuance plus (b)
the number of Class A Shares which the aggregate consideration received or to be received by the Corporation for the total number of Class
A Shares so issued would purchase at such Conversion Price; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
denominator of which shall be (a) the number of Class A Shares Outstanding immediately prior to such issue plus (b) the number of such
Additional Class A Shares so issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">(B)&nbsp;For purposes of this SECTION 6(f)(v), the
term &ldquo;<U>Additional Class A Shares</U>&rdquo; means any Class A Shares or Convertible Security (collectively, &ldquo;<U>Class A
Equivalents</U>&rdquo;) issued by the Corporation after the Series 6 Original Issuance Date, <U>provided</U> that Additional Class A Shares
will not include any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(1)&nbsp;&nbsp;&nbsp;Class A Equivalents issued
in a transaction for which an adjustment to the Conversion Price is made pursuant to SECTION 6(f)(i), SECTION 6(f)(iii) or SECTION 6(f)(iv);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(2)&nbsp;&nbsp;&nbsp;Class A Equivalents issued
or issuable upon conversion of Series 6 Preferred Shares or Alternative Preference Shares or pursuant to the terms of any other Convertible
Security issued and outstanding on the Series 6 Original Issuance Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(3)&nbsp;&nbsp;&nbsp;All Class A Shares, as adjusted
for share dividends, splits, combinations and similar events, validly reserved on the Series 6 Original Issuance Date and issued or issuable
upon the exercise of options or rights issued to employees, officers or directors of, or consultants, advisors or service providers to,
the Corporation or any of its majority- or wholly-owned subsidiaries pursuant to any current equity incentive plans, programs or arrangements
of or adopted by the Corporation, including the Corporation&rsquo;s 2005 Stock Incentive Plan, the Corporation&rsquo;s 2011 Stock Incentive
Plan, the Corporation&rsquo;s 2016 Stock Incentive Plan and the Corporation&rsquo;s Amended and Restated Stock Appreciation Rights Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(4)&nbsp;&nbsp;&nbsp;An unlimited number of Class
A Equivalents issued pursuant to future equity incentive grants, plans, programs or arrangements adopted by the Corporation to the extent
that any Class A Equivalents issued pursuant to this clause (4) shall not exceed three percent (3%) of the Corporation&rsquo;s diluted
weighted average number of common shares outstanding (as calculated for the Corporation&rsquo;s financial reporting purposes) in any fiscal
year, with any unused amounts in any fiscal year being carried over to succeeding fiscal years;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(5)&nbsp;&nbsp;&nbsp;Class A Equivalents issued
in connection with <I>bona fide</I> acquisitions of any entities, businesses and/or related assets or other business combinations by the
Corporation, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, or settlement of deferred liabilities
in connection therewith; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(6)&nbsp;&nbsp;&nbsp;Class A Equivalents issued
in a transaction with respect to which holders of a majority of the Series 6 Preferred Shares purchased securities pursuant to Section
4.11 of the Securities Purchase Agreement or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In the case of the issuance of Additional Class A
Shares for cash, the consideration shall be deemed to be the amount of cash paid therefor before deducting any reasonable discounts, commissions
or other expenses allowed, paid or incurred by the Corporation for any underwriting or otherwise in connection with the issuance and sale
thereof. In the case of the issuance of Additional Class A Shares for consideration in whole or in part other than cash, the consideration
other than cash shall be deemed to be the Fair Market Value thereof. In the case of the issuance of Convertible Securities, the aggregate
maximum number of Class A Shares deliverable upon exercise, conversion or exchange of such Convertible Securities shall be deemed to have
been issued at the time such Convertible Securities were issued and for a consideration equal to the consideration (determined in the
manner provided in this paragraph) if any, received by the Corporation upon the issuance of such Convertible Securities plus the minimum
additional consideration payable pursuant to the terms of such Convertible Securities for the Class A Shares covered thereby, but no further
adjustment shall be made for the actual issuance of Class A Shares upon the exercise, conversion or exchange of any such Convertible Securities.
In the event of any change in the number of Class A Shares deliverable upon exercise, conversion or exchange of Convertible Securities
subject to this SECTION 6(f)(v), including, but not limited to, a change resulting from the anti-dilution provisions thereof, the Conversion
Price shall forthwith be readjusted to such Conversion Price as would have been obtained had the adjustment that was made upon the issuance
of such Convertible Securities not exercised, converted or exchanged prior to such change been made upon the basis of such change. Upon
the expiration or forfeiture of any Additional Class A Shares consisting of options, warrants or other rights to acquire Class A Shares
or Convertible Securities, the termination of any such rights to convert or exchange or the expiration or forfeiture of any options or
rights related to such convertible or exchangeable securities, the Conversion Price, to the extent in any way affected by or computed
using such options, rights or securities or options or rights related to such securities, shall be recomputed to reflect the issuance
of only the number of Class A Shares (and Convertible Securities that remain in effect) actually issued upon the exercise of such options,
warrants or rights, upon the conversion or exchange of such securities or upon the exercise of the options or rights related to such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Minimum
Adjustment</U>. Notwithstanding the foregoing, the Conversion Price will not be reduced if the amount of such reduction would be an amount
less than $0.01, but any such amount will be carried forward and reduction with respect thereto will be made at the time that such amount,
together with any subsequent amounts so carried forward, aggregates to $0.01 or more.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>When
No Adjustment Required</U>. Notwithstanding anything herein to the contrary, no adjustment to the Conversion Price need be made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(A)&nbsp;for a transaction referred to in SECTION
6(f)(i) or SECTION 6(f)(ii) if the Series 6 Preferred Shares participate, without conversion, in the transaction or event that would otherwise
give rise to an adjustment pursuant to such Section at the same time as holders of the Class A Shares participate with respect to such
transaction or event and on the same terms as holders of the Class A Shares participate with respect to such transaction or event as if
the holders of Series 6 Preferred Shares, at such time, held a number of Class A Shares equal to the Conversion Amount at such time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(B)&nbsp;for rights to purchase Class A Shares
pursuant to any present or future plan by the Corporation for reinvestment of dividends or interest payable on the Corporation&rsquo;s
securities and the investment of additional optional amounts in Class A Shares under any plan; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">(C)&nbsp;for any event otherwise requiring an
adjustment under this SECTION 6 if such event is not consummated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules
of Calculation; Treasury Shares</U>. All calculations will be made to the nearest one-hundredth of a cent or to the nearest one-ten thousandth
of a share. Except as explicitly provided herein, the number of Class A Shares outstanding will be calculated on the basis of the number
of issued and outstanding Class A Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>.
Notwithstanding the foregoing, the Conversion Price will not be reduced if the Corporation receives, prior to the effective time of the
adjustment to the Conversion Price, written notice from the holders representing at least a majority of the then outstanding Series 6
Preferred Shares, voting together as a separate class, that no adjustment is to be made as the result of a particular issuance of Class
A Shares or other dividend or other distribution on Class A Shares. This waiver will be limited in scope and will not be valid for any
issuance of Class A Shares or other dividend or other distribution on Class A Shares not specifically provided for in such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Adjustment</U>. Anything in this SECTION 6 notwithstanding, the Corporation shall be entitled to make such downward adjustments in the
Conversion Price, in addition to those required by this SECTION 6, as the Board of Directors in its sole discretion shall determine to
be advisable in order that any event treated for U.S. federal income tax purposes as a dividend or share split will not be taxable to
the holders of Class A Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Duplication</U>. If any action would require adjustment of the Conversion Price pursuant to more than one of the provisions described
in this SECTION 6 in a manner such that such adjustments are duplicative, only one adjustment shall be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Provisions
Governing Adjustment to Conversion Price</U>.&nbsp; Rights, options or warrants distributed by the Corporation to all or substantially
all holders of Class A Shares entitling the holders thereof to subscribe for or purchase shares of the Corporation&rsquo;s capital (either
initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (&ldquo;<U>Rights
Trigger</U>&rdquo;): (A)&nbsp;are deemed to be transferred with such Class A Shares; (B)&nbsp;are not exercisable; and (C)&nbsp;are also
issued in respect of future issuances of Class A Shares, shall be deemed not to have been distributed for purposes of SECTION 6(f)(i),
(ii), (iii), (iv) or (v) (and no adjustment to the Conversion Price under SECTION 6(f)(i), (ii), (iii), (iv) or (v) will be required)
until the occurrence of the earliest Rights Trigger, whereupon such rights, options and warrants shall be deemed to have been distributed,
and (x) if and to the extent such rights, options and warrants are exercisable for Class A Shares or the equivalents thereof, an appropriate
adjustment (if any is required) to the Conversion Price shall be made under SECTION 6(f)(ii) (without giving effect to the sixty (60)
day limit on the exercisability of rights, options and warrants ordinarily subject to such SECTION 6(f)(ii)), and/or (y) if and to the
extent such rights, options and warrants are exercisable for cash and/or any shares of the Corporation&rsquo;s capital other than Class
A Shares or Class A Share equivalents, shall be subject to the provisions of SECTION 2(a) applicable to Participating Dividends and shall
be distributed to the holders of Series 6 Preferred Shares.&nbsp; If any such right, option or warrant, including any such existing rights,
options or warrants distributed prior to the Series 6 Original Issuance Date, are subject to events, upon the occurrence of which such
rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date
of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights,
options or warrants with such rights (and a termination or expiration of the existing rights, options or warrants without exercise by
any of the holders thereof).&nbsp; In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants,
or any Rights Trigger or other event (of the type described in the preceding sentence) with respect thereto that was counted for purposes
of calculating a distribution amount for which an adjustment to the Conversion Price under SECTION 6(f)(i), (ii), (iii), (iv) or (v) was
made, (1)&nbsp;in the case of any such rights, options or warrants that shall all have been redeemed or repurchased without exercise by
any holders thereof, the Conversion Price shall be readjusted at the opening of business of the Corporation immediately following such
final redemption or repurchase by multiplying such Conversion Price by a fraction (x) the numerator of which shall be the Current Market
Price per Class A Share on such date, <U>less</U> the amount equal to the per share redemption or repurchase price received by a holder
or holders of Class A Shares with respect to such rights, options or warrants (assuming such holder had retained such rights, options
or warrants), made to all or substantially all holders of Class A Shares as of the date of such redemption or repurchase and (y) the denominator
of which shall be the Current Market Price, and (2)&nbsp;in the case of such rights, options or warrants that shall have expired or been
terminated without exercise by any holders thereof, the Conversion Price shall be readjusted as if such rights, options and warrants had
not been issued. Notwithstanding the foregoing, (A) to the extent any such rights, options or warrants are redeemed by the Corporation
prior to a Rights Trigger or are exchanged by the Corporation, in either case for Class A Shares, the Conversion Price shall be appropriately
readjusted (if and to the extent previously adjusted pursuant to this SECTION 6(f)(xii)) as if such rights, options or warrants had not
been issued, and instead the Conversion Price will be adjusted as if the Corporation had issued the Class A Shares issued upon such redemption
or exchange as a dividend or distribution of Class A Shares subject to SECTION 6(f)(i)(A) and (B) to the extent any such rights, options
or warrants are redeemed by the Corporation prior to a Rights Trigger or are exchanged by the Corporation, in either case for any shares
of the Corporation&rsquo;s capital (other than Class A Shares) or any other assets of the Corporation, such redemption or exchange shall
be deemed to be a distribution and shall be subject to, and paid to the holders of Series 6 Preferred Shares pursuant to, the provisions
of SECTION 2(a) applicable to Participating Dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, any adjustment of the Conversion Price or entitlement to acquire Class A Shares pursuant to this Designation
shall be subject to the rules of the Exchange to the extent required to comply with such rules. If after the Series 6 Original Issuance
Date there is a change in the applicable rules of the Exchange on which the Class A Shares are listed at the time such change becomes
effective or in the interpretation of such applicable rules that would cause the Class A Shares to be delisted by such Exchange as a result
of the terms of this Designation, the rights of the holders of the Series 6 Preferred Shares set forth in this Designation shall thereafter
be limited to the extent required by such changed rules in order for the Class A Shares to continue to be listed on such Exchange. Notwithstanding
anything to the contrary in this Designation, in no event shall the Conversion Price be adjusted pursuant to SECTION 6(f)(v) to a price
that is less than the lower of: (i) the closing price of the Class A Shares (as reflected on Nasdaq.com) immediately preceding the signing
of the Securities Purchase Agreement; or (ii) the average closing price of the Class A Shares (as reflected on Nasdaq.com) for the five
trading days immediately preceding the signing of the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Designation, if an adjustment to the Conversion Price becomes effective on any Ex-Dividend Date as described
herein, and a holder of Series 6 Preferred Shares that have been converted on or after such Ex-Dividend Date and on or prior to the related
record date would be treated as the record holder of Class A Shares as of the related Conversion Date based on an adjusted Conversion
Price for such Ex-Dividend Date, then, notwithstanding such Conversion Price adjustment provisions, the Conversion Price adjustment relating
to such Ex-Dividend Date will not be made for such converted Series 6 Preferred Shares. Instead, the holder of such converted Series 6
Preferred Shares will be treated as if such holder were the record owner of the Class A Shares on an unadjusted basis and participate
in the related dividend, distribution or other event giving rise to such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Record Date</U>. In the event of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
share split or combination of the outstanding Class A Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
declaration or making of a dividend or other distribution to holders of Class A Shares in additional Class A Shares, any other share capital,
other securities or other property (including, but not limited to, cash and evidences of indebtedness);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
reclassification or change to which SECTION 6(f)(i)(B) applies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
dissolution, liquidation or winding up of the Corporation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other event constituting a Disposition Event;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then the Corporation shall file with its corporate records and mail
to the holders of the Series 6 Preferred Shares at their last addresses as shown on the records of the Corporation, at least ten (10)
days prior to the record date specified in (A)&nbsp;below or ten (10) days prior to the date specified in (B)&nbsp;below, a notice stating:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 123.85pt">(A)&nbsp;the record date of such share
split, combination, dividend or other distribution, or, if a record is not to be taken, the date as of which the holders of Class A Shares
of record to be entitled to such share split, combination, dividend or other distribution are to be determined, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 123.85pt">(B)&nbsp;the date on which such reclassification,
change, dissolution, liquidation, winding up or other event constituting a Disposition Event, is estimated to become effective, and the
date as of which it is expected that holders of Class A Shares of record will be entitled to exchange their Class A Shares for the share
capital, other securities or other property (including, but not limited to, cash and evidences of indebtedness) deliverable upon such
reclassification, change, liquidation, dissolution, winding up or other Disposition Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Disclosures made by the Corporation in any public
filings made under the Exchange Act shall be deemed to satisfy the notice requirements set forth in this SECTION 6(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate
of Adjustments</U>. Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this SECTION 6, the Corporation
shall compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Series 6 Preferred Shares
a certificate, signed by an officer of the Corporation, setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Corporation shall, upon the reasonable written request of any holder of Series
6 Preferred Shares, furnish to such holder a similar certificate setting forth (i) the calculation of such adjustments and readjustments
in reasonable detail, (ii) the Conversion Price then in effect, and (iii) the number of Class A Shares and the amount, if any, of share
capital, other securities or other property (including, but not limited to, cash and evidences of indebtedness) which then would be received
upon the conversion of Series 6 Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption
at the Option of the Corporation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with or following any Specified Event, the Corporation, at its option and (if applicable) subject to consummation of such Specified
Event, may redeem (out of funds legally available therefor) for cash all of the Series 6 Preferred Shares then outstanding at a price
(the &ldquo;<U>Redemption Price</U>&rdquo;) per Series 6 Preferred Share equal to the greater of (i) the Base Liquidation Preference per
such Series 6 Preferred Share plus all accrued and unpaid dividends thereon and (ii) an amount equal to the amount the holder of such
Series 6 Preferred Shares would have received in respect of such Series 6 Preferred Share had such holder converted such Series 6 Preferred
Share into Class A Shares immediately prior to such redemption based on the Current Market Price, in each case on the date of redemption
(the &ldquo;<U>Redemption Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Corporation elects to redeem the Series 6 Preferred Shares pursuant to this SECTION 7, on or prior to the fifteenth (15<SUP>th</SUP>)
Business Day prior to the applicable Redemption Date, the Corporation shall mail a written notice of redemption (the &ldquo;<U>Redemption
Notice</U>&rdquo;) by first-class mail addressed to the holders of record of the Series 6 Preferred Shares as they appear in the records
of the Corporation; <U>provided</U>, <U>however</U>, that accidental failure to give any such notice to one or more of such holders shall
not affect the validity of such redemption. The Redemption Notice must state: (A) the expected Redemption Price as of the expected Redemption
Date, and specify the individual components thereof (it being understood that the actual Redemption Price will be determined as of the
actual Redemption Date); (B) the name of the redemption agent to whom, and the address of the place to where, the Series 6 Preferred Shares
are to be surrendered for payment of the Redemption Price; (C) if applicable, that the consummation of the Redemption and the payment
of the Redemption Price shall be subject to the consummation of the Specified Event, and (D) the anticipated Redemption Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mechanics
of Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Redemption Date, the Corporation shall pay the applicable Redemption Price, upon surrender of the certificates representing the Series
6 Preferred Shares to be redeemed (properly endorsed or assigned for transfer, if the Corporation shall so require, and letters of transmittal
and instructions therefor on reasonable terms are included in the notice sent by the Corporation); <U>provided</U> that payment of the
Redemption Price for certificates (and accompanying documentation, if required) surrendered to the Corporation after 2:00 p.m. (New York
City time) on the Redemption Date may, at the Corporation&rsquo;s option, be made on the Business Day immediately following the Redemption
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
6 Preferred Shares to be redeemed on the Redemption Date will from and after such date, no longer be deemed to be outstanding; and all
powers, designations, preferences and other rights of the holder thereof as a holder of Series 6 Preferred Shares (except the right to
receive from the Corporation the applicable Redemption Price) shall cease and terminate with respect to such shares; <U>provided</U>,
that in the event that a Series 6 Preferred Share is not redeemed due to a default in payment by the Corporation or because the Corporation
is otherwise unable to pay the applicable Redemption Price in cash in full, such Series 6 Preferred Share will remain outstanding and
will be entitled to all of the powers, designations, preferences and other rights as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this SECTION 7 to the contrary, each holder shall retain the right to convert Series 6 Preferred Shares to be redeemed at
any time on or prior to the Redemption Date; <U>provided</U>, <U>however</U>, that any Series 6 Preferred Shares for which a holder delivers
a conversion notice to the Corporation prior to the Redemption Date shall not be redeemed pursuant to this SECTION 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Antitrust
and Conversion Into Alternative Preference Shares</U>.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(i) the Corporation validly delivers a notice of conversion pursuant to SECTION 6(c) to the Investor or any Permitted Transferee at any
time on and after the date hereof and (ii) the Investor or such Permitted Transferee would not be permitted to convert one or more of
its Beneficially Owned Series 6 Preferred Shares into Class A Shares because any applicable waiting period has not lapsed, or approval
has not been obtained, under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, or other applicable law, the Accretion
Rate will decrease to 0% per annum following, and the Base Liquidation Preference per Series 6 Preferred Share will not increase during
any period subsequent to, ten (10) Business Days following the date of such validly delivered notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any holder of Series 6 Preferred Shares other than the Investor or any Permitted Transferee, after receiving a notice of conversion
pursuant to SECTION 6(c), any such holder of Series 6 Preferred Shares as to whom the relevant provisions of the following sentence are
applicable may, at such holder&rsquo;s option, convert Series 6 Preferred Shares subject to such conversion at any time on or prior to
the close of business on the Business Day immediately preceding the Conversion Date, as the case may be, specified in such notice into
Alternative Preference Shares to the extent necessary to address the conditions described in SECTION 8(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
If any holder of Series 6 Preferred Shares would not be permitted to convert one or more of its Beneficially Owned Series 6 Preferred
Shares into Class A Shares due to the restrictions contained in SECTION 6(b) or (ii) if any holder of Series 6 Preferred Shares other
than the Investor or any Permitted Transferee would not be permitted to convert one more of its Beneficially Owned Series 6 Preferred
Shares into Class A Shares (the shares described in clause (i) and (ii), the &ldquo;<U>Special Conversion Shares</U>&rdquo;) because any
applicable waiting period has not lapsed, or approval has not been obtained, under the Hart-Scott Rodino Antitrust Improvements Act of
1976, as amended, or other applicable law, then in each case each Special Conversion Share of such holder shall be converted into a number
of Alternative Preference Shares equal to the number of Class A Shares such holder would have received if such holder would have been
permitted to convert such Special Conversion Shares into Class A Shares on the Conversion Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as practicable (and in any event within three (3) Business Days) after receipt of notice of either of the events described in SECTION
8(c), which notice shall include the amount of Alternative Preference Shares to which such holder is entitled and the basis for such conversion
into Alternative Preference Shares, the Corporation shall (i) issue and deliver to such holder a certificate for the number of Alternative
Preference Shares, if any, to which such holder is entitled in exchange for the certificates formerly representing the Series 6 Preferred
Shares and (ii) pay to such holder, to the extent of funds legally available therefor, all declared and unpaid Dividends on the Series
6 Preferred Shares that are being converted into Alternative Preference Shares. Such conversion will be deemed to have been made on the
Conversion Date, and the person entitled to receive the Alternative Preference Shares issuable upon such conversion shall be treated for
all purposes as the record holder of such Alternative Preference Shares on such Conversion Date. In case fewer than all of the Series
6 Preferred Shares represented by any such certificate are to be converted into Alternative Preference Shares, a new certificate shall
be issued representing the unconverted shares without cost to the holder thereof, except for any documentary, stamp or similar issue or
transfer tax due because any certificates for Alternative Preference Shares or Series 6 Preferred Shares are issued in a name other than
the name of the converting holder. The Corporation shall pay any documentary, stamp or similar issue or transfer tax due on the issue
of Alternative Preference Shares upon conversion or due upon the issuance of a new certificate for any Series 6 Preferred Shares not converted
other than any such tax due because Alternative Preference Shares or a certificate for Series 6 Preferred Shares are issued in a name
other than the name of the converting holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Definitions</U>. For purposes of this Designation, the following terms shall have the following meanings</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Additional
Rate</U>&rdquo; means an annual rate initially equal to 7.0% per annum, increasing by 1.0% on every anniversary of the occurrence of the
Specified Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any person, any other person that directly or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with, such specified person. Notwithstanding the foregoing, the Corporation, its subsidiaries and its other
controlled Affiliates shall not be considered Affiliates of the Investor.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Alternative
Preference Shares</U>&rdquo; means the Series 7 Series 6 Preferred Shares so denominated and authorized by the Corporation concurrently
with the Series 6 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Beneficially
Own</U>,&rdquo; &ldquo;<U>Beneficially Owned</U>&rdquo; or &ldquo;<U>Beneficial Ownership</U>&rdquo; has the meaning set forth in Rule
13d-3 of the rules and regulations promulgated under the Exchange Act, except that for purposes hereof the words &ldquo;within sixty days&rdquo;
in Rule 13d-3(d)(1)(i) shall not apply, to the effect that a person shall be deemed to be the Beneficial Owner of a security if that person
has the right to acquire beneficial ownership of such security at any time. For the avoidance of doubt, for purposes hereof, except where
otherwise expressly provided herein, the Investor (or any other person) shall at all times be deemed to have Beneficial Ownership of Class
A Shares issuable upon conversion of the Series 6 Preferred Shares directly or indirectly held by them, irrespective of any applicable
restrictions on transfer, conversion or voting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Board
of Directors</U>&rdquo; means the board of directors of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Business
Day</U>&rdquo; means a day other than a Saturday, Sunday or other day on which commercial banking institutions are authorized or required
by law, regulation or executive order to close in New York City, New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Closing
Price</U>&rdquo; of the Class A Shares on any date means the closing sale price per share (or if no closing sale price is reported, the
average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that
date as reported in composite transactions for the Exchange or, if the Class A Shares are not listed or admitted for trading on an Exchange,
as reported on the quotation system on which such security is quoted. If the Class A Shares are not listed or admitted for trading on
an Exchange and not reported on a quotation system on the relevant date, the &ldquo;closing price&rdquo; will be the last quoted bid price
for the Class A Shares in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization.
If the Class A Shares are not so quoted, the last reported sale price will be the average of the mid-point of the last bid and ask prices
for the Class A Shares on the relevant date from each of at least three (3) nationally recognized investment banking firms selected by
the Corporation for this purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Common
Shares</U>&rdquo; means the Class A Shares, the Class B Shares, the Class C Shares and any other common shares in the capital of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>control</U>,&rdquo;
 &ldquo;<U>controlling</U>,&rdquo; &ldquo;<U>controlled by</U>&rdquo; and &ldquo;<U>under common control with</U>,&rdquo; with respect
to any person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such person, whether through the ownership of Voting Stock, by contract or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Convertible
Security</U>&rdquo; means any debt or other evidences of indebtedness, shares of capital or other securities directly or indirectly convertible
into or exercisable or exchangeable for Class A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Corporation</U>&rdquo;
means MDC Partners Inc., a Delaware corporation .</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&ldquo;<U>Current
Market Price</U>&rdquo; of Class A Shares on any day means the average of the Closing Prices per Class A Share for each of the five (5)
consecutive Trading Days ending on the earlier of the day in question and the day before the Ex-Dividend Date with respect to the issuance
or distribution requiring such computation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &ldquo;<U>Designation</U>&rdquo; mean this Designation of the Series 6 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Dividend
Payment Date</U>&rdquo; means (i) each January 1, April 1, July 1 and October 1 of each year, or (ii) with respect to any Series 6 Preferred
Share that is to be converted or redeemed, the Conversion Date or the Redemption Date, as applicable; <U>provided</U> that if any such
Dividend Payment Date would otherwise occur on a day that is not a Business Day, such Dividend Payment Date shall instead be (and any
dividend payable on Series 6 Preferred Shares on such Dividend Date shall instead be payable on) the immediately succeeding Business Day.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Dividend
Period</U>&rdquo; means the period which commences on and includes a Dividend Payment Date (other than the initial Dividend Period which
shall commence on and include the date on which the Specified Event occurs) pursuant to clauses (i) and (ii) of the definition of &ldquo;Dividend
Payment Date&rdquo; and ends on and includes the calendar day next preceding the next Dividend Payment Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Ex-Dividend
Date</U>&rdquo; means, with respect to any issuance or distribution, the first date on which the Class A Shares trade on the applicable
exchange or in the applicable market, regular way, without the right to receive such issuance or distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange</U>&rdquo;
means Nasdaq and, if the Class A Shares are not then listed on Nasdaq, the principal other U.S. national or regional securities exchange
or market on which the Class A Shares are then listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fair
Market Value</U>&rdquo; of the Class A Shares or any other security or property means the fair market value thereof as determined in good
faith by the Board of Directors, which determination must be set forth in a written resolution of the Board of Directors, in accordance
with the following rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
Class A Shares or other security traded or quoted on an Exchange, the Fair Market Value will be the average of the Closing Prices of such
security on such Exchange over a ten (10) consecutive Trading Day period, ending on the Trading Day immediately prior to the date of determination;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
any other property, the Fair Market Value shall be determined by the Board of Directors assuming a willing buyer and a willing seller
in an arm&rsquo;s-length transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fundamental
Change</U>&rdquo; shall be deemed to have occurred at such time as any of the following events shall occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
 &ldquo;person&rdquo; or &ldquo;group&rdquo;, other than the Corporation, its Subsidiaries or any employee benefits plan of the Corporation
or its Subsidiaries, files, or is required by applicable law to file, a Schedule 13D or Schedule TO (or any successor schedule, form or
report) pursuant to the Exchange Act, disclosing that such person has become the direct or indirect beneficial owner of shares with a
majority of the total voting power of the Corporation&rsquo;s outstanding Voting Stock; unless such beneficial ownership arises solely
as a result of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations
under the Exchange Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Corporation amalgamates, consolidates with or merges with or into another person (other than a Subsidiary of the Corporation), or sells,
conveys, transfers, leases or otherwise disposes of all or substantially all of the consolidated properties and assets of the Corporation
and its Subsidiaries (excluding for purposes of the calculation non-controlling interests and third party minority interests) to any person
(other than a Subsidiary of the Corporation) or any person (other than a Subsidiary of the Corporation) consolidates with, amalgamates
or merges with or into the Corporation, <U>provided</U> that none of the circumstances set forth in this clause (ii) shall be a Fundamental
Change if persons that beneficially own the Voting Securities of the Corporation immediately prior to the transaction own, directly or
indirectly, shares with a majority of the total voting power of all outstanding Voting Stock of the surviving or transferee person immediately
after the transaction in substantially the same proportion as their ownership of the Corporation&rsquo;s Voting Stock immediately prior
to the transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>group</U>&rdquo;
has the meaning assigned to such term in Section&nbsp;13(d)(3) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>hereof</U>,&rdquo;
 &ldquo;<U>herein</U>&rdquo; and &ldquo;<U>hereunder</U>&rdquo; and words of similar import refer to this Designation as a whole and not
merely to any particular clause, provision, section or subsection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Investor</U>&rdquo;
means Stagwell Agency Holdings LLC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Junior
Securities</U>&rdquo; means the Common Shares and each other class or series of shares in the capital of the Corporation the terms of
which do not expressly provide that they rank senior in preference or priority to or on parity, without preference or priority, with the
Series 6 Preferred Shares with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Market
Disruption Event</U>&rdquo; means, with respect to the Class A Shares, (i) a failure by the Exchange to open for trading during its regular
trading session or (ii) the occurrence or existence for more than one half hour period in the aggregate on any scheduled Trading Day for
the Class A Shares of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
Exchange, or otherwise) in the Class A Shares or in any options, contracts or future contracts relating to the Class A Shares, and such
suspension or limitation occurs or exists at any time before 1:00 p.m. (New York City time) on such day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Nasdaq</U>&rdquo;
means The NASDAQ Global Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Original
Purchase Price</U>&rdquo; means $1,206.81 per Series 6 Preferred Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Parity
Securities</U>&rdquo; means any shares in the capital of the Corporation the terms of which expressly provide that they will rank on parity,
without preference or priority, with the Series 6 Preferred Shares with respect to dividend rights or rights upon liquidation, dissolution
or winding up of the Corporation. For the avoidance of doubt, the Series 4 Preference Shares and Series 5 Preference Shares of the Corporation
and the Alternative Preference Shares are Parity Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Permitted
Transferee</U>&rdquo; means any holder of Series 6 Preferred Shares who received such Series 6 Preferred Shares in a Permitted Transfer
(as defined in the Securities Purchase Agreement), provided that such holder agrees, for the benefit of the Corporation, to comply with
Section 4.05 of the Securities Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>person</U>&rdquo;
means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government, any agency or political subdivisions thereof or other &ldquo;person&rdquo; as
contemplated by Section&nbsp;13(d) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Qualifying
Transaction</U>&rdquo; means a Fundamental Change (i) with regard to which the holder of Series 6 Preferred Shares is entitled to receive,
directly or indirectly, in respect of its Series 6 Preferred Shares, in connection with the consummation of such transaction (including
pursuant to the conversion of the Series 6 Preferred Shares (without regard to limitations or restrictions on conversion) or the purchase
or exchange of such Series 6 Preferred Shares in a tender or exchange offer), consideration consisting solely of cash, equity securities
that are immediately tradable on a national securities exchange and that have (or the equity securities of the predecessor of the issuer
of such equity securities have) an average trading volume per trading day over the thirty (30) trading days preceding public announcement
of such transaction at least equal to that of the Class A Shares over the thirty (30) trading days preceding public announcement of such
transaction, or a combination of cash and such equity consideration (collectively, &ldquo;<U>qualifying consideration</U>&rdquo;), which
qualifying consideration is in an amount per outstanding Series 6 Preferred Share that is at least equal to the Base Liquidation Preference
of such Series 6 Preferred Share plus all accrued but unpaid dividends thereon (with the value of any non-cash consideration being the
Fair Market Value of such non-cash consideration at the time of signing of the definitive transaction agreement for the applicable transaction)
or (ii) that is otherwise consented to by the holders of two-thirds of the outstanding Series 6 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Securities
Act&rdquo;</U> means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Securities
Purchase Agreement</U>&rdquo; means that certain Securities Purchase Agreement, dated as of March 14, 2019, between the Corporation and
the Investor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Senior
Securities</U>&rdquo; means any shares in the capital of the Corporation the terms of which expressly provide that they will rank senior
in preference or priority to the Series 6 Preferred Shares with respect to dividend rights or rights upon liquidation, dissolution or
winding up of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Series
6 Original Issuance Date</U>&rdquo; means July 27, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>share
capital</U>&rdquo; means any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting)
of capital, partnership interests (whether general or limited) or equivalent ownership interests in or issued by such person, and with
respect to the Corporation includes, without limitation, any and all Common Shares and the Preference Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Specified
Event</U>&rdquo; means the tenth (10<SUP>th</SUP>) Business Day after the consummation of a Fundamental Change that does not constitute
a Qualifying Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Subsidiary</U>&rdquo;
means with respect to any person, any corporation, association or other business entity of which more than 50% of the outstanding Voting
Stock is owned, directly or indirectly, by, or, in the case of a partnership, the sole general partner or the managing partner or the
only general partners of which are, such person and one or more Subsidiaries of such person (or a combination thereof). Unless otherwise
specified, &ldquo;Subsidiary&rdquo; means a Subsidiary of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Trading
Day</U>&rdquo; means any day on which (i) there is no Market Disruption Event and (ii) the Exchange is open for trading or, if the Class
A Shares are not so listed, admitted for trading or quoted, any Business Day. A Trading Day only includes those days that have a scheduled
closing time of 4:00 p.m. (New York City time) or the then standard closing time for regular trading on the relevant Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Voting
Stock</U>&rdquo; means the Class A Shares, the Class B Shares and the Class C Shares and securities of any class or kind ordinarily having
the power to vote generally for the election of directors of the Board of Directors of the Corporation or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the following terms is defined in the Section set forth opposite such term:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 61%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Term</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 38%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Section</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Accretion Rate</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Additional Class A Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(v)(B)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Additional Dividends</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 2(b)(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Aggregate Amount</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Base Liquidation Preference</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Class A Equivalents</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(v)(B)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Class A Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Class A Shares Outstanding</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(ii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Class B Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Class C Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Conversion Amount</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Conversion Date</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Conversion Price</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Disposition Event</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iv)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Dividends</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 2(b)(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Expiration Date</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Expiration Time</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)(A)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Liquidation Preference</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Maximum Voting Power</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Participating Dividends</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 2(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Purchased Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">qualifying consideration</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 9(ee)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Quarterly Compounding Date</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 3(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Redemption Date</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 7(a)(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Redemption Notice</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 7(a)(ii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Redemption Price</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 7(a)(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Reference Property</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(iv)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Rights Trigger</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 6(f)(xii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Series 6 Preferred Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Special Conversion Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">SECTION 8(c)</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.
For purposes of this Designation, the following provisions shall apply:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
Tax</U>. Notwithstanding any other provision of this Designation, the Corporation may deduct or withhold from any payment, distribution,
issuance or delivery (whether in cash or in shares) to be made pursuant to this Designation any amounts required or permitted by law to
be deducted or withheld from any such payment, distribution, issuance or delivery and shall remit any such amounts to the relevant tax
authority as required. If the cash component of any payment, distribution, issuance or delivery to be made pursuant to this Designation
is less than the amount that the Corporation is so required or permitted to deduct or withhold, the Corporation shall be permitted to
deduct and withhold from any noncash payment, distribution, issuance or delivery to be made pursuant to this Designation any amounts required
or permitted by law to be deducted or withheld from any such payment, distribution, issuance or delivery and to dispose of such property
in order to remit any amount required to be remitted to any relevant tax authority. Notwithstanding the foregoing, the amount of any payment,
distribution, issuance or delivery made to a holder of Series 6 Preferred Shares pursuant to this Designation shall be considered to be
the amount of the payment, distribution, issuance or delivery received by such holder plus any amount deducted or withheld pursuant to
this SECTION 10. In the absence of any such deduction or withholding by the Corporation, and unless agreed otherwise by the Corporation
in writing, holders of Series 6 Preferred Shares shall be responsible for all withholding taxes in respect of any payment, distribution,
issuance or delivery made or credited to them pursuant to this Designation and shall indemnify and hold harmless the Corporation on an
after-tax basis (for this purpose, having regard only to taxes for which the Corporation is liable for any such taxes imposed on any payment,
distribution, issuance or delivery made or credited to them pursuant to this Designation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Wire
or Electronic Transfer of Funds</U>. Notwithstanding any other right, privilege, restriction or condition attaching to the Series 6 Preferred
Shares, the Corporation may, at its option, make any payment due to registered holders of Series 6 Preferred Shares by way of a wire or
electronic transfer of funds to such holders. If a payment is made by way of a wire or electronic transfer of funds, the Corporation shall
be responsible for any applicable charges or fees relating to the making of such transfer. As soon as practicable following the determination
by the Corporation that a payment is to be made by way of a wire or electronic transfer of funds, the Corporation shall provide a notice
to the applicable registered holders of Series 6 Preferred Shares at their respective addresses appearing on the books of the Corporation.
Such notice shall request that each applicable registered holder of Series 6 Preferred Shares provide the particulars of an account of
such holder with a chartered bank in the United States to which the wire or electronic transfer of funds shall be directed. If the Corporation
does not receive account particulars from a registered holder of Series 6 Preferred Shares prior to the date such payment is to be made,
the Corporation shall deposit the funds otherwise payable to such holder in a special account or accounts in trust for such holder. The
making of a payment by way of a wire or electronic transfer of funds or the deposit by the Corporation of funds otherwise payable to a
holder in a special account or accounts in trust for such holder shall be deemed to constitute payment by the Corporation on the date
thereof and shall satisfy and discharge all liabilities of the Corporation for such payment to the extent of the amount represented by
such transfer or deposit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
The provisions attaching to the Series 6 Preferred Shares may be deleted, varied, modified, amended or amplified by amendment with such
approval as may then be required by the General Corporation Law of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>U.S.
Currency</U>. Unless otherwise stated, all references herein to sums of money are expressed in lawful money of the United States.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESIGNATION<BR>
OF<BR>
SERIES 7 CONVERTIBLE PREFERRED STOCK<BR>
OF<BR>
MDC PARTNERS INC.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation
and Amount</U>. The designation of this series of Preferred Stock is &ldquo;Series 7 Convertible Preferred Stock&rdquo; (the &ldquo;<U>Series
7 Preferred Shares</U>&rdquo;), no par value per share, and the number of shares constituting such series is Twenty Million (20,000,000).
Subject to the Certificate of Incorporation, such number of shares may be increased or decreased by resolution of the Board of Directors;
provided, however, that no decrease shall reduce the number of shares of Convertible Preferred Shares to less than the number of shares
then issued and outstanding plus the number of shares issuable upon exercise of outstanding rights, options or warrants or upon conversion
of outstanding securities issued by the Corporation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
holder of issued and outstanding Series 7 Preferred Shares will be entitled to receive, when, as and if declared by the Board of Directors,
out of funds legally available for the payment of dividends for each Series 7 Preferred Share, dividends of the same type as any dividends
or other distribution, whether in cash, in kind or in other property, payable or to be made on outstanding Class A Subordinate Voting
Shares of the Corporation (the &ldquo;<U>Class A Shares</U>&rdquo;), in an amount equal to the amount of such dividends or other distribution
as would be made on the number of Class A Shares into which such Series 7 Preferred Shares could be converted on the applicable record
date for such dividends or other distribution on the Class A Shares, without giving effect to the limitations set forth in SECTION 6(b)
after aggregating all shares held by the same holder (the &ldquo;<U>Participating Dividends</U>&rdquo;) and disregarding any rounding
for fractional amounts; <U>provided</U>, <U>however</U>, that notwithstanding the above, the holders of Series 7 Preferred Shares shall
not be entitled to receive any dividends or distributions for which an adjustment to the Conversion Amount (as defined below) shall be
made pursuant to SECTION 6(f)(i)(A) or SECTION 6(f)(ii) (and such dividends or distributions that are not payable to the holders of Series
7 Preferred Shares as a result of this proviso shall not be deemed to be Participating Dividends).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participating
Dividends are payable at the same time as and when such dividends or other distributions on the Class A Shares are paid to the holders
of Class A Shares and are payable to holders of record of Series 7 Preferred Shares on the record date for the corresponding dividend
or distribution on the Class A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of the Series 7 Preferred Shares are not entitled to any dividend, whether payable in cash, in kind or other property, in excess of the
Participating Dividends as provided in this SECTION 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall pay Participating Dividends (less any tax required to be deducted and withheld by the Corporation), except in case of
redemption or conversion in which case payment of Participating Dividends shall be made on surrender of the certificate, if any, representing
the Series 7 Preferred Shares to be redeemed or converted, by electronic funds transfer or by sending to each holder of Series 7 Preferred
Shares a check for such Participating Dividends payable to the order of such holder or, in the case of joint holders, to the order of
all such holders failing written instructions from them to the contrary or in such other manner, not contrary to applicable law, as the
Corporation shall reasonably determine. The making of such payment or the posting or delivery of such check on or before the date on which
such Dividend is to be paid to a holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment
of such Dividends to the extent of the sum represented thereby (plus the amount of any tax required to be and in fact deducted and withheld
by the Corporation from the related Dividends as aforesaid and remitted to the proper taxing authority) unless such check is not honored
when presented for payment. Subject to applicable law, Dividends which are represented by a check which has not been presented to the
Corporation&rsquo;s bankers for payment or that otherwise remain unclaimed for a period of six years from the date on which they were
declared to be payable shall be forfeited to the Corporation.&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation
Entitlement</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each Series 7 Preferred Share entitles the holder
thereof to receive and to be paid out of the assets of the Corporation available for distribution, before any distribution or payment
may be made to a holder of any Class A Shares, any Class B Shares of the Corporation (the &ldquo;<U>Class B Shares</U>&rdquo;) any Class
C Shares of the Corporation (the &ldquo;<U>Class C Shares</U>&rdquo;) or any other shares ranking junior as to capital to the Series 7
Preferred Shares, an amount per Series 7 Preferred Share equal to the amount the holder of the Series 7 Preferred Share would have received
if such holder had converted such Series 7 Preferred Share into a Class A Share immediately prior thereto, without giving effect to the
limitations set forth in SECTION 6(b) and disregarding any rounding for fractional amounts (the &ldquo;<U>Liquidation Entitlement</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
payment to the holders of the Series 7 Preferred Shares of the full Liquidation Entitlement to which they are entitled, the Series 7 Preferred
Shares as such will have no right or claim to any of the assets of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of any property not consisting of cash that is distributed by the Corporation to the holders of the Series 7 Preferred Shares will
equal the Fair Market Value thereof on the date of distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights</U>. The holders of the Series 7 Preferred Shares shall not be entitled as such, except as required by law, to receive notice of
or to attend any meeting of the shareholders of the Corporation or to vote at any such meeting but shall be entitled to receive notice
of meetings of shareholders of the Corporation called for the purpose of authorizing the dissolution of the Corporation or the sale of
its undertaking or a substantial part thereof. The approval of the holders of the Series 7 Preferred Shares with respect to any and all
matters referred to in this Designation may be given in writing by all of the holders of the Series 7 Preferred Shares outstanding or
by resolution duly passed and carried as may then be required by the General Corporation Law of the State of Delaware at a meeting of
the holders of the Series 7 Preferred Shares duly called and held for the purpose of considering the subject matter of such resolution
and at which holders of not less than a majority of all Series 7 Preferred Shares then outstanding are present in person or represented
by proxy in accordance with the by-laws of the Corporation; <U>provided</U>, <U>however</U>, that if at any such meeting, when originally
held, the holders of at least a majority of all Series 7 Preferred Shares then outstanding are not present in person or so represented
by proxy within 30 minutes after the time fixed for the meeting, then the meeting shall be adjourned to such date, being not less than
fifteen (15) days later. Notice of any such original meeting of the holders of the Series 7 Preferred Shares shall be given not less than
twenty-one (21) days prior to the date fixed for such meeting and shall specify in general terms the purpose for which the meeting is
called, and notice of any such adjourned meeting shall be given not less than ten (10) days prior to the date fixed for such adjourned
meeting, but it shall not be necessary to specify in such notice the purpose for which the adjourned meeting is called. The formalities
to be observed with respect to the giving of notice of any such original meeting or adjourned meeting and the conduct of it shall be those
from time to time prescribed in the by-laws of the Corporation with respect to meetings of shareholders. On every poll taken at any such
original meeting or adjourned meeting, each holder of Series 7 Preferred Shares present in person or represented by proxy shall be entitled
to one vote for each of the Series 7 Preferred Shares held by such holder. &nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
for Cancellation</U>. Subject to such provisions of the General Corporation Law of the State of Delaware as may be applicable, the Corporation
may at any time or times purchase (if obtainable) for cancellation all or any part of the Series 7 Preferred Shares outstanding from time
to time: (a) through the facilities of any Exchange or market on which the Series 7 Preferred Shares are listed, (b) by invitation for
tenders addressed to all the holders of record of the Series 7 Preferred Shares outstanding, or (c) in any other manner, in each case
at the lowest price or prices at which, in the opinion of the Board of Directors, such shares are obtainable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Series 7 Preferred Share
is convertible into Class A Shares as provided in this SECTION 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at the Option of Holders of Series 7 Preferred Shares</U>. Subject to SECTION 6(b), each holder of Series 7 Preferred Shares is entitled
to convert, in whole or in part, at any time and from time to time, at the option and election of such holder, each outstanding Series
7 Preferred Share held by such holder into a number of duly authorized, validly issued, fully paid and nonassessable Class A Shares equal
to the number determined by dividing (i)&nbsp;one (1) by (ii)&nbsp;the Conversion Amount in effect at the time of conversion. The &ldquo;<U>Conversion
Amount</U>&rdquo; initially is one (1), as adjusted from time to time as provided in SECTION 6(f). In order to convert the Series 7 Preferred
Shares into Class A Shares, the holder must surrender the certificates representing such Series 7 Preferred Shares, accompanied by transfer
instruments satisfactory to the Corporation, free of any adverse interest or liens at the office of the Corporation&rsquo;s transfer agent
for the Series 7 Preferred Shares, together with written notice that such holder elects to convert all or such number of shares represented
by such certificates as specified therein. With respect to a conversion pursuant to this SECTION 6(a), the date of receipt of such certificates,
together with such notice and such other information or documents as may be required by the Corporation (including any certificates delivered
pursuant to SECTION 6(b)), by the transfer agent or the Corporation will be the date of conversion (the &ldquo;<U>Conversion Date</U>&rdquo;).</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Conversion</U>. Notwithstanding SECTION 6(a), the Corporation shall not effect any conversion of the Series 7 Preferred Shares or otherwise
issue Class A Shares pursuant to SECTION 6(a), and no holder of Series 7 Preferred Shares will be permitted to convert Series 7 Preferred
Shares into Class A Shares if, and to the extent that, following such conversion, either (i) such holder&rsquo;s aggregate voting power
on a matter being voted on by holders of Class A Shares would exceed 19.9% of the Maximum Voting Power (as defined below) or (ii) such
holder would Beneficially Own more than 19.9% of the then outstanding Common Shares; <U>provided</U>, <U>however</U>, that such conversion
restriction shall not apply to any conversion in connection with and subject to completion of (A) a public sale of the Class A Shares
to be issued upon such conversion, if following consummation of such public sale such holder will not Beneficially Own in excess of 19.9%
of the then outstanding Class A Shares or (B) a <I>bona fide</I> third party tender offer for the Class A Shares issuable thereupon. For
purposes of the foregoing sentence, the number of Class A Shares Beneficially Owned by a holder shall include the number of Class A Shares
issuable upon conversion of the Series 7 Preferred Shares with respect to which a conversion notice has been given, but shall exclude
the number of Class A Shares which would be issuable upon conversion or exercise of the remaining, unconverted portion of the Series 7
Preferred Shares Beneficially Owned by such holder. Upon the written request of the holder, the Corporation shall within two (2) Business
Days confirm in writing (which may be by email) to any holder the number of Class A Shares, Class B Shares and Class C Shares then outstanding.
In connection with any conversion and as a condition to the Corporation effecting such conversion, upon request of the Corporation, a
holder of Series 7 Preferred Shares shall deliver to the Corporation a certificate, signed by a duly authorized officer of such holder,
no less than twelve (12) Business Days prior to the applicable conversion, certifying that, after giving effect to such conversion, (i)
such holder&rsquo;s aggregate voting power on a matter being voted on by holders of Class A Shares will not exceed 19.9% of the Maximum
Voting Power or (ii) such holder will not Beneficially Own more than 19.9% of the then outstanding Common Shares. For purposes hereof,
 &ldquo;<U>Maximum Voting Power</U>&rdquo; means, at the time of determination of the Maximum Voting Power, the total number of votes which
may be cast by all shares of the Corporation&rsquo;s capital on a matter subject to the vote of the Common Shares and any other securities
that constitute Voting Stock voting together as a single class and after giving effect to any limitation on voting power set forth herein
and the certificate of designation or other similar document governing other Voting Stock. For purposes of this SECTION 6(b), the aggregate
voting power and Beneficial Ownership of Common Shares held b the Affiliates of a holder shall be attributed to such holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Automatic
Conversion</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time the limitations in SECTION 6(b) would not prevent the conversion of one or more Series 7 Preferred Shares into Class A Shares
then, subject to any lapse or expiration of the applicable waiting period, or approval, under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended, or other applicable antitrust law, the maximum number of Series 7 Preferred Shares held by a holder and its Affiliates
that can convert into Class A Shares without violating the limitations in SECTION 6(b) will automatically convert into Class A Shares,
<U>provided</U> that such automatic conversion shall only occur if the number of Series 7 Preferred Shares that would be converted on
the Conversion Date is equal to or greater than the lesser of (x) 1,000 and (y) all shares then held by such holder and its Affiliates;
<U>provided</U>, <U>further</U>, that if the number of Series 7 Preferred Shares that may be converted pursuant to this SECTION 6(c)(i)
is less than all shares of the Series 7 Preferred Shares Beneficially Owned by a holder and its Affiliates, the Corporation shall select
the Series 7 Preferred Shares to be converted by lot or in such other equitable manner as the Corporation may determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fractional
Shares</U>. No fractional Class A Shares will be issued upon conversion of the Series 7 Preferred Shares. In lieu of fractional shares,
the Corporation shall round, to the nearest whole number, the number of Class A Shares to be issued upon conversion of the Series 7 Preferred
Shares. If more than one Series 7 Preferred Share is being converted at one time by or for the benefit of the same holder, then the number
of full shares issuable upon conversion will be calculated on the basis of the aggregate number of Series 7 Preferred Shares converted
by or for the benefit of such holder at such time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mechanics
of Conversion</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after the Conversion Date (and in any event within three (3) Business Days), the Corporation shall (A) issue and deliver to such holder
the number of Class A Shares to which such holder is entitled in exchange for the certificates formerly representing Series 7 Preferred
Shares and (B) pay to such holder, to the extent of funds legally available therefor, all declared and unpaid Participating Dividends
on the Series 7 Preferred Shares that are being converted into Class A Shares. Such conversion will be deemed to have been made on the
Conversion Date, and the person entitled to receive the Class A Shares issuable upon such conversion shall be treated for all purposes
as the record holder of such Class A Shares on such Conversion Date. In case fewer than all the shares represented by any such certificate
are to be converted, a new certificate shall be issued representing the unconverted shares without cost to the holder thereof, except
for any documentary, stamp or similar issue or transfer tax due because any certificates for Class A Shares or Series 7 Preferred Shares
are issued in a name other than the name of the converting holder. The Corporation shall pay any documentary, stamp or similar issue or
transfer tax due on the issue of Class A Shares upon conversion or due upon the issuance of a new certificate for any Series 7 Preferred
Shares not converted other than any such tax due because Class A Shares or a certificate for Series 7 Preferred Shares are issued in a
name other than the name of the converting holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the Conversion Date, the Series 7 Preferred Shares to be converted on such Conversion Date will no longer be deemed to be outstanding,
and all rights of the holder thereof as a holder of Series 7 Preferred Shares (except the right to receive from the Corporation the Class
A Shares upon conversion, together with the right to receive any declared and unpaid Participating Dividends thereon) shall cease and
terminate with respect to such shares; <U>provided</U>, that in the event that a Series 7 Preferred Share is not converted, such Series
7 Preferred Share will remain outstanding and will be entitled to all of the rights as provided herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the conversion is in connection with any sale, transfer or other disposition of the Class A Shares issuable upon conversion of the Series
7 Preferred Shares, the conversion may, at the option of any holder tendering any Series 7 Preferred Share for conversion, be conditioned
upon the closing of the sale, transfer or the disposition of Class A Shares issuable upon conversion of Series 7 Preferred Shares with
the underwriter, transferee or other acquirer in such sale, transfer or disposition, in which event such conversion of such Series 7 Preferred
Shares shall not be deemed to have occurred until immediately prior to the closing of such sale, transfer or other disposition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Class A Shares issued upon conversion of the Series 7 Preferred Shares will, upon issuance by the Corporation, be duly and validly issued,
fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments
to Conversion Amount</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Change In Share Capital</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(A)&nbsp;If the Corporation shall, at any time and
from time to time while any Series 7 Preferred Shares are outstanding, issue a dividend or make a distribution on its Class A Shares payable
in its Class A Shares to all or substantially all holders of its Class A Shares, then the Conversion Amount at the opening of business
on the Ex-Dividend Date for such dividend or distribution will be adjusted by multiplying such Conversion Amount by a fraction:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;the numerator of which
shall be the number of Class A Shares outstanding at the close of business on the Business Day immediately preceding such Ex-Dividend
Date; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;the denominator of which
shall be the sum of the number of Class A Shares outstanding at the close of business on the Business Day immediately preceding the Ex-Dividend
Date for such dividend or distribution, plus the total number of Class A Shares constituting such dividend or other distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any dividend or distribution of the type described
in this SECTION 6(f)(i)(A) is declared but not so paid or made, the Conversion Amount shall again be adjusted to the Conversion Amount
which would then be in effect if such dividend or distribution had not been declared. Except as set forth in the preceding sentence, in
no event shall the Conversion Amount be increased pursuant to this SECTION 6(f)(i)(A).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;If the Corporation shall, at any time or
from time to time while any of the Series 7 Preferred Shares are outstanding, subdivide or reclassify its outstanding Class A Shares into
a greater number of Class A Shares, then the Conversion Amount in effect at the opening of business on the day upon which such subdivision
becomes effective shall be proportionately decreased, and conversely, if the Corporation shall, at any time or from time to time while
any of the Series 7 Preferred Shares are outstanding, combine or reclassify its outstanding Class A Shares into a smaller number of Class
A Shares, then the Conversion Amount in effect at the opening of business on the day upon which such combination or reclassification becomes
effective shall be proportionately increased. In each such case, the Conversion Amount shall be adjusted by multiplying such Conversion
Amount by a fraction, the numerator of which shall be the number of Class A Shares outstanding immediately prior to such subdivision or
combination and the denominator of which shall be the number of Class A Shares outstanding immediately after giving effect to such subdivision,
combination or reclassification. Such increase or reduction, as the case may be, shall become effective immediately after the opening
of business on the day upon which such subdivision, combination or reclassification becomes effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Rights Issue</U>. If the Corporation shall, at any time or from time to time, while any Series 7 Preferred Shares are outstanding,
distribute rights, options or warrants to all or substantially all holders of its Class A Shares entitling them, for a period expiring
within sixty (60) days after the record date for such distribution, to purchase Class A Shares, or securities convertible into, or exchangeable
or exercisable for, Class A Shares, in either case, at less than the average of the Closing Prices for the five (5) consecutive Trading
Days immediately preceding the first public announcement of the distribution, then the Conversion Amount shall be adjusted so that the
same shall equal the rate determined by multiplying the Conversion Amount in effect at the opening of business on the Ex-Dividend Date
for such distribution by a fraction:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(A)&nbsp;the numerator of which shall be the sum
of (1) the number of Class A Shares Outstanding on the close of business on the Business Day immediately preceding the Ex-Dividend Date
for such distribution, plus (2) the number of Class A Shares that the aggregate offering price of the total number of Class A Shares issuable
pursuant to such rights, options or warrants would purchase at the Current Market Price of the Class A Shares on the declaration date
for such distribution (determined by multiplying such total number of Class A Shares so offered by the exercise price of such rights,
options or warrants and dividing the product so obtained by such Current Market Price); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;the denominator of which shall be the number
of Class A Shares Outstanding at the close of business on the Business Day immediately preceding the Ex-Dividend Date for such distribution,
plus the total number of additional Class A Shares issuable pursuant to such rights, options or warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The term &ldquo;<U>Class A Shares Outstanding</U>&rdquo;
shall mean, without duplication, and include the following, and the following shall be included whether vested or unvested, whether contingent
or non-contingent and whether exercisable or not yet exercisable, and without regard to any other limitations or restrictions on conversion
or exercise:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
number of Class A Shares, Class B Shares and Class C Shares then outstanding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Class A Shares issuable upon conversion of outstanding Series 7 Preferred Shares; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Class A Shares issuable upon exercise of outstanding options and any other Convertible Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Such adjustment shall become effective immediately
after the opening of business on the Ex-Dividend Date for such distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">To the extent that Class A Shares are not delivered
pursuant to such rights, options or warrants or upon the expiration or termination of such rights, options or warrants, the Conversion
Amount shall be readjusted to the Conversion Amount that would then be in effect had the adjustments made upon the issuance of such rights,
options or warrants been made on the basis of the delivery of only the number of Class A Shares actually delivered. In the event that
such rights, options or warrants are not so distributed, the Conversion Amount shall again be adjusted to be the Conversion Amount which
would then be in effect if the Ex-Dividend Date for such distribution had not occurred. In determining whether any rights, options or
warrants entitle the holders to purchase Class A Shares at less than the average of the Closing Prices for the five (5) consecutive Trading
Days immediately preceding the first public announcement of the relevant distribution, and in determining the aggregate offering price
of such Class A Shares, there shall be taken into account any consideration received for such rights, options or warrants and the value
of such consideration if other than cash, to be determined in good faith by the Board of Directors. Except as set forth in this paragraph,
in no event shall the Conversion Amount be increased pursuant to this SECTION 6(f)(ii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
for Certain Tender Offers or Exchange Offers</U>. In case the Corporation or any of its Subsidiaries shall, at any time or from time to
time, while any Series 7 Preferred Shares are outstanding, distribute cash or other consideration in respect of a tender offer or an exchange
offer (that is treated as a &ldquo;<U>tender offer</U>&rdquo; under U.S. federal securities laws) made by the Corporation or any Subsidiary
for all or any portion of the Class A Shares, where the sum of the aggregate amount of such cash distributed and the aggregate Fair Market
Value, as of the Expiration Date (as defined below), of such other consideration distributed (such sum, the &ldquo;<U>Aggregate Amount</U>&rdquo;)
expressed as an amount per Class A Share validly tendered or exchanged, and not withdrawn, pursuant to such tender offer or exchange offer
as of the Expiration Time (as defined below) (such tendered or exchanged Class A Shares, the &ldquo;<U>Purchased Shares</U>&rdquo;) exceeds
the Closing Price per share of the Class A Shares on the Trading Day immediately following the last date (such last date, the &ldquo;<U>Expiration
Date</U>&rdquo;) on which tenders or exchanges could have been made pursuant to such tender offer or exchange offer (as the same may be
amended through the Expiration Date), then, and in each case, immediately after the close of business on such date, the Conversion Amount
shall be decreased so that the same shall equal the rate determined by multiplying the Conversion Amount in effect immediately prior to
the close of business on the Trading Day immediately following the Expiration Date by a fraction:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(A)&nbsp;the numerator of which shall be equal to
the product of (1)&nbsp;the number of Class A Shares outstanding as of the last time (the &ldquo;<U>Expiration Time</U>&rdquo;) at which
tenders or exchanges could have been made pursuant to such tender offer or exchange offer (including all Purchased Shares) and (2)&nbsp;the
Closing Price per share of the Class A Shares on the Trading Day immediately following the Expiration Date; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;the denominator of which is equal to the
sum of (x)&nbsp;the Aggregate Amount and (y)&nbsp;the product of (I)&nbsp;an amount equal to (1)&nbsp;the number of Class A Shares outstanding
as of the Expiration Time, less (2)&nbsp;the Purchased Shares and (II)&nbsp;the Closing Price per share of the Class A Shares on the Trading
Day immediately following the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">An adjustment, if any, to the Conversion Amount pursuant
to this SECTION 6(f)(iii) shall become effective immediately prior to the opening of business on the second Trading Day immediately following
the Expiration Date. In the event that the Corporation or a Subsidiary is obligated to purchase Class A Shares pursuant to any such tender
offer or exchange offer, but the Corporation or such Subsidiary is permanently prevented by applicable law from effecting any such purchases,
or all such purchases are rescinded, then the Conversion Amount shall again be adjusted to be the Conversion Amount which would then be
in effect if such tender offer or exchange offer had not been made. Except as set forth in the preceding sentence, if the application
of this SECTION 6(f)(iii) to any tender offer or exchange offer would result in an increase in the Conversion Amount, no adjustment shall
be made for such tender offer or exchange offer under this SECTION 6(f)(iii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disposition
Events</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;If any of the following
events (any such event, a &ldquo;<U>Disposition Event</U>&rdquo;) occurs:&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
reclassification or exchange of the Class A Shares (other than as a result of a subdivision or combination);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
merger, amalgamation, consolidation or other combination to which the Corporation is a constituent party; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
sale, conveyance, lease, or other disposal of all or substantially all the properties and assets of the Corporation to any other person;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">in each case, as a result of which all of the holders
of Class A Shares shall be entitled to receive cash, securities or other property for their Class A Shares, the Series 7 Preferred Shares
converted following the effective date of any Disposition Event shall be converted, in lieu of the Class A Shares otherwise deliverable,
into the same amount and type (in the same proportion) of cash, securities or other property received by holders of Class A Shares in
the relevant event (collectively, &ldquo;<U>Reference Property</U>&rdquo;) received upon the occurrence of such Disposition Event by a
holder of Class A Shares holding, immediately prior to the transaction, the number of Class A Shares into which such Series 7 Preferred
Shares would have been converted pursuant to SECTION 6(a) without giving effect to any limitations on conversion set forth in SECTION
6(b) immediately prior to such Disposition Event; provided that if the Disposition Event provides the holders of Class A Shares with the
right to receive more than a single type of consideration determined based in part upon any form of stockholder election, the Reference
Property shall be comprised of the weighted average of the types and amounts of consideration received by the holders of the Class A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;The above provisions of this SECTION 6(f)(iv)
shall similarly apply to successive Disposition Events. If this SECTION 6(f)(iv) applies to any event or occurrence, neither SECTION 6(f)(i)
nor SECTION 6(f)(iii) shall apply; provided, however, that this SECTION 6(f)(iv) shall not apply to any share split or combination to
which SECTION 6(f)(i) is applicable or to a liquidation, dissolution or winding up to which SECTION 3 applies. To the extent that equity
securities of a company are received by the holders of Class A Shares in connection with a Disposition Event, the portion of the Series
7 Preferred Shares which will be convertible into such equity securities will continue to be subject to the anti-dilution adjustments
set forth in this SECTION 6(f).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Minimum
Adjustment</U>. Notwithstanding the foregoing, the Conversion Amount will not be reduced if the amount of such reduction would be an amount
less than one percent (1%) of such Conversion Amount, but any such amount will be carried forward and reduction with respect thereto will
be made at the time that such amount, together with any subsequent amounts so carried forward, aggregates to one percent (1%) or more.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>When
No Adjustment Required</U>. Notwithstanding anything herein to the contrary, no adjustment to the Conversion Amount need be made:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(A)&nbsp;for a transaction referred to in SECTION
6(f)(i) or SECTION 6(f)(ii) if the Series 7 Preferred Shares participate, without conversion, in the transaction or event that would otherwise
give rise to an adjustment pursuant to such Section at the same time as holders of the Class A Shares participate with respect to such
transaction or event and on the same terms as holders of the Class A Shares participate with respect to such transaction or event as if
the holders of Series 7 Preferred Shares, at such time, held a number of Class A Shares equal to the number of Class A Shares into which
the Series 7 Preferred Shares were convertible at such time;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;for rights to purchase Class A Shares pursuant
to any present or future plan by the Corporation for reinvestment of dividends or interest payable on the Corporation&rsquo;s securities
and the investment of additional optional amounts in Class A Shares under any plan; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(C)&nbsp;for any event otherwise requiring an adjustment
under this SECTION 6 if such event is not consummated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules
of Calculation; Treasury Shares</U>. All calculations will be made to the nearest one-hundredth of a cent or to the nearest one-ten thousandth
of a share. Except as explicitly provided herein, the number of Class A Shares outstanding will be calculated on the basis of the number
of issued and outstanding Class A Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>.
Notwithstanding the foregoing, the Conversion Amount will not be reduced if the Corporation receives, prior to the effective time of the
adjustment to the Conversion Amount, written notice from the holders representing at least a majority of the then outstanding Series 7
Preferred Shares, voting together as a separate class, that no adjustment is to be made as the result of a particular issuance of Class
A Shares or other dividend or other distribution on Class A Shares. This waiver will be limited in scope and will not be valid for any
issuance of Class A Shares or other dividend or other distribution on Class A Shares not specifically provided for in such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Adjustment</U>. Anything in this SECTION 6 notwithstanding, the Corporation shall be entitled to make such downward adjustments in the
Conversion Amount, in addition to those required by this SECTION 6, as the Board of Directors in its sole discretion shall determine to
be advisable in order that any event treated for U.S. federal income tax purposes as a dividend or share split will not be taxable to
the holders of Class A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Duplication</U>. If any action would require adjustment of the Conversion Amount pursuant to more than one of the provisions described
in this SECTION 6 in a manner such that such adjustments are duplicative, only one adjustment shall be made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Provisions
Governing Adjustment to Conversion Amount</U>.&nbsp; Rights, options or warrants distributed by the Corporation to all or substantially
all holders of Class A Shares entitling the holders thereof to subscribe for or purchase shares of the Corporation&rsquo;s capital (either
initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (&ldquo;<U>Rights
Trigger</U>&rdquo;): (A)&nbsp;are deemed to be transferred with such Class A Shares; (B)&nbsp;are not exercisable; and (C)&nbsp;are also
issued in respect of future issuances of Class A Shares, shall be deemed not to have been distributed for purposes of SECTION 6(f)(i),
(ii), (iii) or (iv) (and no adjustment to the Conversion Amount under SECTION 6(f)(i), (ii), (iii) or (iv) will be required) until the
occurrence of the earliest Rights Trigger, whereupon such rights, options and warrants shall be deemed to have been distributed, and (x)
if and to the extent such rights, options and warrants are exercisable for Class A Shares or the equivalents thereof, an appropriate adjustment
(if any is required) to the Conversion Amount shall be made under SECTION 6(f)(ii) (without giving effect to the sixty (60) day limit
on the exercisability of rights, options and warrants ordinarily subject to such SECTION 6(f)(ii)), and/or (y) if and to the extent such
rights, options and warrants are exercisable for cash and/or any shares of the Corporation&rsquo;s capital other than Class A Shares or
Class A Share equivalents, shall be subject to the provisions of SECTION 2(a) applicable to Participating Dividends and shall be distributed
to the holders of Series 7 Preferred Shares.&nbsp; If any such right, option or warrant, including any such existing rights, options or
warrants distributed prior to the Series 7 Original Issuance Date, are subject to events, upon the occurrence of which such rights, options
or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence
of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or
warrants with such rights (and a termination or expiration of the existing rights, options or warrants without exercise by any of the
holders thereof).&nbsp; In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any
Rights Trigger or other event (of the type described in the preceding sentence) with respect thereto that was counted for purposes of
calculating a distribution amount for which an adjustment to the Conversion Amount under SECTION 6(f)(i), (ii), (iii) or (iv) was made,
(1)&nbsp;in the case of any such rights, options or warrants that shall all have been redeemed or repurchased without exercise by any
holders thereof, the Conversion Amount shall be readjusted at the opening of business of the Corporation immediately following such final
redemption or repurchase by multiplying such Conversion Amount by a fraction (x) the numerator of which shall be the Current Market Price
per Class A Share on such date, <U>less</U> the amount equal to the per share redemption or repurchase price received by a holder or holders
of Class A Shares with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants),
made to all or substantially all holders of Class A Shares as of the date of such redemption or repurchase and (y) the denominator of
which shall be the Current Market Price, and (2)&nbsp;in the case of such rights, options or warrants that shall have expired or been
terminated without exercise by any holders thereof, the Conversion Amount shall be readjusted as if such rights, options and warrants
had not been issued. Notwithstanding the foregoing, (A) to the extent any such rights, options or warrants are redeemed by the Corporation
prior to a Rights Trigger or are exchanged by the Corporation, in either case for Class A Shares, the Conversion Amount shall be appropriately
readjusted (if and to the extent previously adjusted pursuant to this SECTION 6(f)(xi)) as if such rights, options or warrants had not
been issued, and instead the Conversion Amount will be adjusted as if the Corporation had issued the Class A Shares issued upon such redemption
or exchange as a dividend or distribution of Class A Shares subject to SECTION 6(f)(i)(A) and (B) to the extent any such rights, options
or warrants are redeemed by the Corporation prior to a Rights Trigger or are exchanged by the Corporation, in either case for any shares
of the Corporation&rsquo;s capital (other than Class A Shares) or any other assets of the Corporation, such redemption or exchange shall
be deemed to be a distribution and shall be subject to, and paid to the holders of Series 7 Preferred Shares pursuant to, the provisions
of SECTION 2(a) applicable to Participating Dividends.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, any adjustment of the Conversion Amount or entitlement to acquire Class A Shares pursuant to this Designation
shall be subject to the rules of the Exchange to the extent required to comply with such rules. If after the date of effectiveness of
this Designation there is a change in the applicable rules of the Exchange on which the Class A Shares are listed at the time such change
becomes effective or in the interpretation of such applicable rules that would cause the Class A Shares to be delisted by such Exchange
as a result of the terms of this Designation, the rights of the holders of the Series 7 Preferred Shares set forth in this Designation
shall thereafter be limited to the extent required by such changed rules in order for the Class A Shares to continue to be listed on such
Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Designation, if an adjustment to the Conversion Amount becomes effective on any Ex-Dividend Date as described
herein, and a holder of Series 7 Preferred Shares that have been converted on or after such Ex-Dividend Date and on or prior to the related
record date would be treated as the record holder of Class A Shares as of the related Conversion Date based on an adjusted Conversion
Amount for such Ex-Dividend Date, then, notwithstanding such Conversion Amount adjustment provisions, the Conversion Amount adjustment
relating to such Ex-Dividend Date will not be made for such converted Series 7 Preferred Shares. Instead, the holder of such converted
Series 7 Preferred Shares will be treated as if such holder were the record owner of the Class A Shares on an unadjusted basis and participate
in the related dividend, distribution or other event giving rise to such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Record Date</U>. In the event of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
share split or combination of the outstanding Class A Shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
declaration or making of a dividend or other distribution to holders of Class A Shares in additional Class A Shares, any other share capital,
other securities or other property (including, but not limited to, cash and evidences of indebtedness);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
reclassification or change to which SECTION 6(f)(i)(B) applies;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
dissolution, liquidation or winding up of the Corporation; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other event constituting a Disposition Event;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">then the Corporation shall file with its corporate
records and mail to the holders of the Series 7 Preferred Shares at their last addresses as shown on the records of the Corporation, at
least ten (10) days prior to the record date specified in (A)&nbsp;below or ten (10) days prior to the date specified in (B)&nbsp;below,
a notice stating:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(A)&nbsp;the record date of such share split, combination,
dividend or other distribution, or, if a record is not to be taken, the date as of which the holders of Class A Shares of record to be
entitled to such share split, combination, dividend or other distribution are to be determined, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B)&nbsp;the date on which such reclassification,
change, dissolution, liquidation, winding up or other event constituting a Disposition Event, is estimated to become effective, and the
date as of which it is expected that holders of Class A Shares of record will be entitled to exchange their Class A Shares for the share
capital, other securities or other property (including, but not limited to, cash and evidences of indebtedness) deliverable upon such
reclassification, change, liquidation, dissolution, winding up or other Disposition Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Disclosures made by the Corporation in any public
filings made under the Exchange Act shall be deemed to satisfy the notice requirements set forth in this SECTION 6(g).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate
of Adjustments</U>. Upon the occurrence of each adjustment or readjustment of the Conversion Amount pursuant to this SECTION 6, the Corporation
shall compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Series 7 Preferred Shares
a certificate, signed by an officer of the Corporation, setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Corporation shall, upon the reasonable written request of any holder of Series
7 Preferred Shares, furnish to such holder a similar certificate setting forth (i) the calculation of such adjustments and readjustments
in reasonable detail, (ii) the Conversion Amount then in effect, and (iii) the number of Class A Shares and the amount, if any, of share
capital, other securities or other property (including, but not limited to, cash and evidences of indebtedness) which then would be received
upon the conversion of Series 7 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Definitions</U>. For purposes of this Designation, the following terms shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any person, any other person that directly or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with, such specified person. Notwithstanding the foregoing, the Corporation, its subsidiaries and its other
controlled Affiliates shall not be considered Affiliates of the Investor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Beneficially
Own</U>,&rdquo; &ldquo;<U>Beneficially Owned</U>&rdquo; or &ldquo;<U>Beneficial Ownership</U>&rdquo; has the meaning set forth in Rule
13d-3 of the rules and regulations promulgated under the Exchange Act, except that for purposes hereof the words &ldquo;within sixty days&rdquo;
in Rule 13d-3(d)(1)(i) shall not apply, to the effect that a person shall be deemed to be the Beneficial Owner of a security if that person
has the right to acquire beneficial ownership of such security at any time. For the avoidance of doubt, for purposes hereof, except where
otherwise expressly provided herein, the Investor (or any other person) shall at all times be deemed to have Beneficial Ownership of Class
A Shares issuable upon conversion of the Series 7 Preferred Shares directly or indirectly held by them, irrespective of any applicable
restrictions on transfer, conversion or voting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Board
of Directors</U>&rdquo; means the board of directors of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Business
Day</U>&rdquo; means a day other than a Saturday, Sunday or other day on which commercial banking institutions are authorized or required
by law, regulation or executive order to close in New York City, New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Closing
Price</U>&rdquo; of the Class A Shares on any date means the closing sale price per share (or if no closing sale price is reported, the
average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that
date as reported in composite transactions for the Exchange or, if the Class A Shares are not listed or admitted for trading on an Exchange,
as reported on the quotation system on which such security is quoted. If the Class A Shares are not listed or admitted for trading on
an Exchange and not reported on a quotation system on the relevant date, the &ldquo;closing price&rdquo; will be the last quoted bid price
for the Class A Shares in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization.
If the Class A Shares are not so quoted, the last reported sale price will be the average of the mid-point of the last bid and ask prices
for the Class A Shares on the relevant date from each of at least three nationally recognized investment banking firms selected by the
Corporation for this purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Common
Shares</U>&rdquo; means the Class A Shares, the Class B Shares, the Class C Shares and any other common shares in the capital of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>control</U>,&rdquo;
 &ldquo;<U>controlling</U>,&rdquo; &ldquo;<U>controlled by</U>&rdquo; and &ldquo;<U>under common control with</U>,&rdquo; with respect
to any person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such person, whether through the ownership of Voting Stock, by contract or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Convertible
Security</U>&rdquo; means any debt or other evidences of indebtedness, shares of capital or other securities directly or indirectly convertible
into or exercisable or exchangeable for Class A Shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Corporation</U>&rdquo;
means MDC Partners Inc., a Delaware corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Current
Market Price</U>&rdquo; of Class A Shares on any day means the average of the Closing Prices per Class A Share for each of the five (5)
consecutive Trading Days ending on the earlier of the day in question and the day before the Ex-Dividend Date with respect to the issuance
or distribution requiring such computation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &ldquo;<U>Designation</U>&rdquo; mean this Designation of the Series 7 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Ex-Dividend
Date</U>&rdquo; means, with respect to any issuance or distribution, the first date on which the Class A Shares trade on the applicable
exchange or in the applicable market, regular way, without the right to receive such issuance or distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange</U>&rdquo;
means Nasdaq and, if the Class A Shares are not then listed on Nasdaq, the principal other U.S. national or regional securities exchange
or market on which the Class A Shares are then listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fair
Market Value</U>&rdquo; of the Class A Shares or any other security or property means the fair market value thereof as determined in good
faith by the Board of Directors, which determination must be set forth in a written resolution of the Board of Directors, in accordance
with the following rules:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
Class A Shares or other security traded or quoted on an Exchange, the Fair Market Value will be the average of the Closing Prices of such
security on such Exchange over a ten (10) consecutive Trading Day period, ending on the Trading Day immediately prior to the date of determination;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
any other property, the Fair Market Value shall be determined by the Board of Directors assuming a willing buyer and a willing seller
in an arm&rsquo;s-length transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>group</U>&rdquo;
has the meaning assigned to such term in Section&nbsp;13(d)(3) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>hereof</U>,&rdquo;
 &ldquo;<U>herein</U>&rdquo; and &ldquo;<U>hereunder</U>&rdquo; and words of similar import refer to this Designation as a whole and not
merely to any particular clause, provision, section or subsection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Investor</U>&rdquo;
shall mean Stagwell Agency Holdings LLC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Market
Disruption Event</U>&rdquo; means, with respect to the Class A Shares, (i) a failure by the Exchange to open for trading during its regular
trading session or (ii) the occurrence or existence for more than one half hour period in the aggregate on any scheduled Trading Day for
the Class A Shares of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
Exchange, or otherwise) in the Class A Shares or in any options, contracts or future contracts relating to the Class A Shares, and such
suspension or limitation occurs or exists at any time before 1:00 p.m. (New York City time) on such day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Nasdaq</U>&rdquo;
means The NASDAQ Global Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>person</U>&rdquo;
means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government, any agency or political subdivisions thereof or other &ldquo;person&rdquo; as
contemplated by Section&nbsp;13(d) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Securities
Act&rdquo;</U> means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Securities
Purchase Agreement</U>&rdquo; means that certain Securities Purchase Agreement, dated as of March 14, 2019, between the Corporation and
the Investor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Series
7 Original Issuance Date</U>&rdquo; means, with respect to any Series 7 Preferred Share, the original issue date of such Series 7 Preferred
Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>share
capital</U>&rdquo; means any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting)
of capital, partnership interests (whether general or limited) or equivalent ownership interests in or issued by such person, and with
respect to the Corporation includes, without limitation, any and all Common Shares and the Series 7 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Subsidiary</U>&rdquo;
means with respect to any person, any corporation, association or other business entity of which more than 50% of the outstanding Voting
Stock is owned, directly or indirectly, by, or, in the case of a partnership, the sole general partner or the managing partner or the
only general partners of which are, such person and one or more Subsidiaries of such person (or a combination thereof). Unless otherwise
specified, &ldquo;Subsidiary&rdquo; means a Subsidiary of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Trading
Day</U>&rdquo; means any day on which (i) there is no Market Disruption Event and (ii) the Exchange is open for trading or, if the Class
A Shares are not so listed, admitted for trading or quoted, any Business Day. A Trading Day only includes those days that have a scheduled
closing time of 4:00 p.m. (New York City time) or the then standard closing time for regular trading on the relevant Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Voting
Stock</U>&rdquo; shall mean the Class A Shares, the Class B Shares and the Class C Shares and securities of any class or kind ordinarily
having the power to vote generally for the election of directors of the Board of Directors of the Corporation or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the following terms is defined in the Section set forth opposite such term:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 61%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Term</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 38%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Section</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Aggregate Amount</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Class A Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Class A Shares Outstanding</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Class B Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Class C Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Conversion Amount</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Conversion Date</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disposition Event</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iv)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Expiration Date</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Expiration Time</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)(A)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Liquidation Entitlement</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 3(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Maximum Voting Power</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Participating Dividends</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 2(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Purchased Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Reference Property</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(iv)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rights Trigger</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 6(f)(xi)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Series 7 Preferred Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SECTION 1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">SECTION 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.
For purposes of this Designation, the following provisions shall apply:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>Withholding Tax</U>. Notwithstanding any other
provision of this Designation, the Corporation may deduct or withhold from any payment, distribution, issuance or delivery (whether in
cash or in shares) to be made pursuant to this Designation any amounts required or permitted by law to be deducted or withheld from any
such payment, distribution, issuance or delivery and shall remit any such amounts to the relevant tax authority as required. If the cash
component of any payment, distribution, issuance or delivery to be made pursuant to this Designation is less than the amount that the
Corporation is so required or permitted to deduct or withhold, the Corporation shall be permitted to deduct and withhold from any noncash
payment, distribution, issuance or delivery to be made pursuant to this Designation any amounts required or permitted by law to be deducted
or withheld from any such payment, distribution, issuance or delivery and to dispose of such property in order to remit any amount required
to be remitted to any relevant tax authority. Notwithstanding the foregoing, the amount of any payment, distribution, issuance or delivery
made to a holder of Series 7 Preferred Shares pursuant to this Designation shall be considered to be the amount of the payment, distribution,
issuance or delivery received by such holder plus any amount deducted or withheld pursuant to this SECTION 8. In the absence of any such
deduction or withholding by the Corporation, and unless agreed otherwise by the Corporation in writing, holders of Series 7 Preferred
Shares shall be responsible for all withholding taxes in respect of any payment, distribution, issuance or delivery made or credited to
them pursuant to this Designation and shall indemnify and hold harmless the Corporation on an after-tax basis (for this purpose, having
regard only to taxes for which the Corporation is liable for any such taxes imposed on any payment, distribution, issuance or delivery
made or credited to them pursuant to this Designation.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Wire
or Electronic Transfer of Funds</U>. Notwithstanding any other right, privilege, restriction or condition attaching to the Series 7 Preferred
Shares, the Corporation may, at its option, make any payment due to registered holders of Series 7 Preferred Shares by way of a wire or
electronic transfer of funds to such holders. If a payment is made by way of a wire or electronic transfer of funds, the Corporation shall
be responsible for any applicable charges or fees relating to the making of such transfer. As soon as practicable following the determination
by the Corporation that a payment is to be made by way of a wire or electronic transfer of funds, the Corporation shall provide a notice
to the applicable registered holders of Series 7 Preferred Shares at their respective addresses appearing on the books of the Corporation.
Such notice shall request that each applicable registered holder of Series 7 Preferred Shares provide the particulars of an account of
such holder with a chartered bank in the United States to which the wire or electronic transfer of funds shall be directed. If the Corporation
does not receive account particulars from a registered holder of Series 7 Preferred Shares prior to the date such payment is to be made,
the Corporation shall deposit the funds otherwise payable to such holder in a special account or accounts in trust for such holder. The
making of a payment by way of a wire or electronic transfer of funds or the deposit by the Corporation of funds otherwise payable to a
holder in a special account or accounts in trust for such holder shall be deemed to constitute payment by the Corporation on the date
thereof and shall satisfy and discharge all liabilities of the Corporation for such payment to the extent of the amount represented by
such transfer or deposit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
The provisions attaching to the Series 7 Preferred Shares may be deleted, varied, modified, amended or amplified by amendment with such
approval as may then be required by the General Corporation Law of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>U.S.
Currency</U>. Unless otherwise stated, all references herein to sums of money are expressed in lawful money of the United States.</P>

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

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

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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>tm2123431d1_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 3.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.3pt 0pt 224.45pt; text-align: center; color: #231F20"><B>MDC PARTNERS
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.3pt 0pt 224.45pt; text-align: center; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.3pt 0pt 224.45pt; text-align: center; color: #231F20"><B>BY-LAWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.3pt 0pt 224.45pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><B>Effective
as of July 27,2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><B></B> ARTICLE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><U>OFFICES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 1.1 <U>Registered
Office</U>. The registered office of MDC Partners Inc. (hereinafter, the &ldquo;<U>Corporation</U>&rdquo;) in the State of Delaware shall
be at 1209 N Orange St, Wilmington, DE 19801, and the registered agent shall be The Corporation Trust Company, or such other office or
agent as the Board of Directors of the Corporation (the &ldquo;<U>Board</U>&rdquo;) shall from time to time select.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 1.2 <U>Other
Offices</U>. The Corporation may also have an office or offices, and keep the books and records of the Corporation, except as may otherwise
be required by law, at such other place or places, either within or outside of the State of Delaware, as the Board may from time to time
determine or the business of the Corporation may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">ARTICLE II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>MEETINGS OF STOCKHOLDERS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.1 <U>Place
of Meeting</U>. All meetings of the stockholders of the Corporation (the &ldquo;<U>stockholders</U>&rdquo;) shall be at a place either
within or outside of the State of Delaware, or by means of remote communication, to be determined by the Board and as specified in the
notice of meeting. In the absence of such a determination, a meeting of stockholders shall be held at the principal executive office of
the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.2 <U>Annual
Meetings</U>. The annual meeting of the stockholders for the election of directors and for the transaction of such other business as may
properly come before the meeting shall be held on such date and at such hour as shall from time to time be fixed by the Board. Any previously
scheduled annual meeting of the stockholders may be postponed, rescheduled or cancelled by action of the Board taken prior to the time
previously scheduled for such annual meeting of the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.3 <U>Special
Meetings</U>. Except as otherwise required by law or the Certificate of Incorporation of the Corporation (the &ldquo;<U>Certificate</U>&rdquo;),
and subject to the rights of the holders of any outstanding series of preferred stock of the Corporation (&ldquo;<U>Preferred Stock</U>&rdquo;),
special meetings of the stockholders for any purpose or purposes may be called only by (a) the Chairman of the Board or (b) the Board
pursuant to a resolution approved by a majority of the entire Board; <U>provided</U>, <U>however</U>, that until the first date on which
Stagwell and its Permitted Transferees (as defined in the Amended and Restated Limited Liability Company Agreement of Midas OpCo Holdings
LLC, dated as of the date hereof, by and among Midas OpCo Holdings LLC and its Members (as defined therein), as such agreement may be
further amended, restated, amended and restated, supplemented or otherwise modified from time to time), directly or indirectly, cease
to beneficially own, in the aggregate, shares of Common Stock representing at least thirty percent (30%) of the votes entitled to be cast
by the then outstanding shares of all classes and series of capital stock of the Corporation entitled generally to vote on the election
of directors of the Corporation (such date, the &ldquo;<U>Trigger Date</U>&rdquo;), special meetings of stockholders of the Corporation
shall also be called by the Secretary of the Corporation at the request of the holders of at least thirty percent (30%) of the votes entitled
to be cast by the then outstanding shares of all classes and series of capital stock of the Corporation entitled generally to vote on
the election of directors of the Corporation. From and after the Trigger Date, the stockholders of the Corporation shall not have the
power to call a special meeting of the stockholders of the Corporation or to request the Secretary of the Corporation to call a special
meeting of the stockholders. Only such business as is specified in the Corporation&rsquo;s notice of any special meeting of stockholders
shall come before such meeting. A special meeting shall be held at such place (or remotely), on such date and at such time as shall be
fixed by the Board or as the Secretary of the Corporation shall designate and state in the notice of the meeting. The Board may postpone,
reschedule or cancel any such meeting; <U>provided</U>, <U>however</U>, that with respect to any special meeting of stockholders previously
scheduled at the request of the holders of at least thirty percent (30%) of the votes entitled to be cast by the then outstanding shares
of all classes and series of capital stock of the Corporation entitled generally to vote on the election of directors of the Corporation,
the Board shall not postpone, reschedule or cancel such special meeting without the prior written consent of such stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.4 <U>Notice
of Meetings</U>. Except as otherwise provided by law, notice, including by electronic transmission in the manner provided by the General
Corporation Law of the State of Delaware (the &ldquo;<U>DGCL</U>&rdquo;), of each meeting of the stockholders, whether annual or special,
shall be given by the Corporation not less than 10 days nor more than 60 days before the date of the meeting to each stockholder of record
entitled to notice of the meeting. If mailed, such notice shall be deemed given when deposited in the U.S. mail, postage prepaid, directed
to the stockholder at such stockholder&rsquo;s address as it appears on the records of the Corporation. Each such notice shall state the
place (or, if applicable, that the meeting will be held remotely), the date and the hour of the meeting, and, in the case of a special
meeting, the purpose or purposes for which the meeting is called. Notice of any meeting of the stockholders shall not be required to be
given to any stockholder who shall attend such meeting in person or by proxy without protesting, prior to or at the commencement of the
meeting, the lack of proper notice to such stockholder, or who shall waive notice thereof as provided in <U>Article X</U> of these By-laws.
Notice of adjournment of a meeting of the stockholders need not be given if the time and place, if any, to which it is adjourned are announced
at such meeting, unless the adjournment is for more than 30 days or, after adjournment, a new record date is fixed for the adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.5 <U>Quorum</U>.
Except as otherwise provided by law or by the Certificate, the holders of a majority in voting power of the shares of capital stock of
the Corporation entitled to vote at the meeting, present in person or by proxy, shall constitute a quorum at any meeting of the stockholders;
<U>provided</U>, <U>however</U>, that in the case of any vote to be taken by classes or series, the holders of a majority in voting power
of the shares of any such class or series of capital stock of the Corporation entitled to vote at the meeting, present in person or by
proxy, shall constitute a quorum of such class or series. A quorum, once established, shall not be broken by the withdrawal of enough
votes to leave less than a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.6 <U>Adjournments</U>.
The chairman of the meeting or the holders of a majority in voting power of the shares of capital stock of the Corporation entitled to
vote and who are present in person or by proxy may adjourn the meeting from time to time whether or not a quorum is present. In the event
that a quorum does not exist with respect to any vote to be taken by a particular class or series, the chairman of the meeting or the
holders of a majority in voting power of the shares of such class or series who are present in person or by proxy may adjourn the meeting
with respect to the vote(s) to be taken by such class or series. At any such adjourned meeting at which a quorum may be present, any business
may be transacted which might have been transacted at the meeting as originally called.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.7 <U>Order
of Business</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At each meeting of the stockholders, the Chairman of the Board or, in the absence of the Chairman of the Board, the Chief Executive
Officer or, in the absence of the Chairman of the Board and the Chief Executive Officer, such person as shall be selected by the Board,
shall act as chairman of the meeting. The order of business at each such meeting shall be as determined by the chairman of the meeting.
The chairman of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such
acts and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment
of procedures for the maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the
Corporation, restrictions on entry to such meeting after the time prescribed for the commencement thereof and the opening and closing
of the voting polls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At any annual meeting of the stockholders, only such business shall be conducted as shall have been brought before the annual meeting
(i) by or at the direction of the chairman of the meeting, (ii) by any stockholder who is a holder of record at the time of the giving
of the notice provided for in <U>Section 2.7(b)</U>, who is entitled to vote at the meeting and who complies with the procedures set forth
in this <U>Section 2.7</U> (such business, &ldquo;<U>Stockholder Business</U>&rdquo;), or (iii) by any stockholder or stockholders that,
pursuant to <U>Section 2.10</U> hereof, has the power to take such action by written consent. This <U>Section 2.7</U> is the exclusive
means by which a stockholder may bring business before a meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to <U>Section 2.7(b)(iii)</U>, for business (other than nominations for election of directors, which are governed by <U>Section
3.3</U>) properly to be brought before an annual meeting of stockholders by a stockholder, the stockholder must have given timely notice
thereof (a &ldquo;<U>Notice of Business</U>&rdquo;) in proper written form to the Secretary of the Corporation (the &ldquo;<U>Secretary</U>&rdquo;).
To be timely, a Notice of Business must be delivered to or mailed and received by the Secretary at the principal executive offices of
the Corporation not less than 90 days nor more than 120 days prior to the first anniversary of the date of the immediately preceding annual
meeting as first specified in the Corporation&rsquo;s notice of meeting (without regard to any postponements or adjournments of such meeting
after such notice was first sent); <U>provided</U>, <U>however</U>, that in the event that the date of the annual meeting is more than
30 days earlier or more than 60 days later than such anniversary date, a Notice of Business to be timely must be so delivered or received
not earlier than the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th day prior
to such annual meeting or the 10th day following the day on which public announcement of the date of such meeting is first made; <U>provided</U>,
<U>further</U>, that for the purpose of calculating the timeliness of a Notice of Business for the 2021 annual meeting of stockholders,
the date of the immediately preceding annual meeting shall be deemed to be June 25, 2020. In no event shall the public announcement of
an adjournment or postponement, or an adjournment or postponement, of a meeting commence a new time period (or extend any time period)
for the giving of a stockholder&rsquo;s notice as described above. To be in proper written form, the Notice of Business must set forth:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 0.5in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the name and record address of each stockholder proposing to bring business before the annual meeting (each, a &ldquo;<U>Proponent</U>&rdquo;),
as they appear on the Corporation&rsquo;s books;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the name and address of each Stockholder Associated Person (as defined below in this <U>Section 2.7</U>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as to each Proponent and each Stockholder Associated Person, (A) the class or series and number of shares of stock directly or
indirectly held of record and beneficially by such Proponent and Stockholder Associated Person, (B) a description of any agreement, arrangement
or understanding, direct or indirect, with respect to the business to be brought before the annual meeting, between or among any Proponent
and any Stockholder Associated Person, (C) a description of any agreement, arrangement or understanding (including any derivative or short
positions, profit interests, options, hedging transactions and borrowed or loaned shares) that has been entered into, directly or indirectly,
as of the date of the notice by, or on behalf of, any Proponent and any Stockholder Associated Person, the effect or intent of which is
to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, any Proponent and
any Stockholder Associated Person with respect to shares of stock of the Corporation (a &ldquo;<U>Derivative</U>&rdquo;), (D) a description
in reasonable detail of any proxy (including revocable proxies), contract, arrangement, understanding or other relationship pursuant to
which any Proponent and any Stockholder Associated Person has a right to vote any shares of stock of the Corporation and (E) any profit-sharing
or any performance-related fees (other than an asset-based fee) that any Proponent or any Stockholder Associated Person is entitled to,
based on any increase or decrease in the value of stock of the Corporation or Derivatives thereof, if any, as of the date of such notice.
The information specified in <U>Section 2.7(c)(i)</U> to <U>(iii)</U> is referred to herein as &ldquo;<U>Stockholder Information</U>&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 49.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a representation that each Proponent is a holder of record of stock of the Corporation entitled to vote at the annual meeting and
intends to appear in person or by proxy at the annual meeting to propose such proposed business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a brief description of the business desired to be brought before the annual meeting, the text of the proposal (including the text
of any resolutions proposed for consideration and, if such business includes a proposal to amend the By-laws, the language of the proposed
amendment) and the reasons for conducting such business at the annual meeting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 49.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any material interest of any Proponent and any Stockholder Associated Person in such proposed business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 49.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a representation as to whether the Proponent(s) intend (A) to deliver a proxy statement and form of proxy to holders of at least
the percentage of the Corporation&rsquo;s outstanding capital stock required to approve or adopt such Stockholder Business or (B) otherwise
to solicit proxies from stockholders in support of such Stockholder Business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 49.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all other information that would be required to be filed with the U.S. Securities and Exchange Commission (&ldquo;<U>SEC</U>&rdquo;)
if the Proponent(s) or Stockholder Associated Persons were participants in a solicitation subject to Section 14 of the Securities Exchange
Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;) (or any successor of such Section); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 49.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 49.5pt; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 49.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a representation that each Proponent shall provide any other information reasonably requested by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, each Proponent shall affirm as true and correct the information provided to the Corporation in the Notice of Business or at
the Corporation&rsquo;s request pursuant to <U>Section 2.7(c)(ix)</U> (and shall update or supplement such information as needed so that
such information shall be true and correct) as of (i) the record date for the meeting and (ii) the date that is 10 business days prior
to the announced date of the annual meeting to which the Notice of Business relates. Such affirmation, update and/or supplement must be
delivered personally or mailed to, and received at the principal executive offices of the Corporation, addressed to the Secretary, by
no later than five business days after the applicable date specified in clause and (ii) of the foregoing sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
person presiding over the meeting shall, if the facts warrant, determine and declare to the meeting, that business was not properly brought
before the meeting in accordance with the procedures set forth in this <U>Section 2.7</U>, and, if he or she should so determine, he or
she shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Proponent (or a qualified representative of the Proponent) does not appear at the meeting of stockholders to present the Stockholder
Business such business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Corporation.
A &ldquo;<U>qualified representative</U>&rdquo; of the Proponent or any stockholder means a person who is a duly authorized officer, manager
or partner of such stockholder or has been authorized by a writing executed by such stockholder or an electronic transmission delivered
by such stockholder to act for such stockholder as proxy with respect to the specific matter to be considered at the meeting of stockholders
and such person must produce such writing or electronic transmission, or a reliable reproduction (to the reasonable satisfaction of the
person presiding over the meeting) of the writing or electronic transmission, at the meeting of stockholders prior to the taking of action
by such person on behalf of the stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Stockholder
Associated Person</U>&rdquo; means with respect to any Proponent or Nominating Stockholder (as defined below), (i) any other beneficial
owner of stock of the Corporation owned of record or beneficially by such Proponent or Nominating Stockholder and (ii) any person that
directly, or indirectly through one or more intermediaries, controls, is controlled by, is under common control with such Proponent or
Nominating Stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Control</U>&rdquo;
(including the terms &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;) means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership
of voting securities, by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 28.85pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notice requirements of this <U>Section 2.7</U> shall be deemed satisfied with respect to stockholder proposals that have been properly
brought under Rule 14a-8 of the Exchange Act (or any such successor rule) and that are included in a proxy statement that has been prepared
by the Corporation to solicit proxies for such annual meeting. Further, nothing in this <U>Section 2.7</U> shall be deemed to affect any
rights of the holders of any series of Preferred Stock pursuant to any applicable provision of the Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.8 <U>List
of Stockholders</U>. It shall be the duty of the Secretary or other officer who has charge of the stock ledger to prepare and make, at
least 10 days before each meeting of the stockholders, a complete list of the stockholders entitled to vote thereat, arranged in alphabetical
order, and showing the address of each stockholder and the number of shares registered in such stockholder&rsquo;s name. Such list shall
be produced and kept available at the times and places required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.9 <U>Voting</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided by law or by the Certificate, each stockholder of record of any series of Preferred Stock shall be
entitled at each meeting of the stockholders to such number of votes, if any, for each share of such stock as may be fixed in the Certificate
(or relevant Certificate of Designation) or in the resolution or resolutions adopted by the Board providing for the issuance of such stock,
and each stockholder of record of (i) Class A Common Stock shall be entitled at each meeting of the stockholders to one vote for each
share of such stock, (ii) Class B Common Stock shall be entitled at each meeting of the stockholders to twenty votes for each share of
such stock and (iii) Class C Common Stock shall be entitled at each meeting of the stockholders to one vote for each share of such stock,
in each case, registered in such stockholder&rsquo;s name on the books of the Corporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 58.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>on the date fixed pursuant to <U>Section 7.6</U> of these By-laws as the record date for the determination of stockholders entitled
to notice of and to vote at such meeting; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 58.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if no such record date shall have been so fixed, then at the close of business on the day before the day on which notice of such
meeting is given, or, if notice is waived, at the close of business on the day before the day on which the meeting is held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each
stockholder entitled to vote at any meeting of the stockholders may authorize another person or persons to act for such stockholder
by proxy. Any such proxy shall be delivered to the secretary of such meeting at or prior to the time designated for holding such
meeting, but in any event not later than the time designated in the order of business for so delivering such proxies. No such proxy
shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise required by law and except as otherwise provided in the Certificate or these By-laws, at each meeting of the
stockholders, all corporate actions to be taken by vote of the stockholders shall be authorized by holders of a majority in voting power
of the shares of capital stock of the Corporation entitled to vote thereon and who are present in person or represented by proxy, and
where a separate vote by class or series is required, by holders of a majority in voting power of the shares of such class or series who
are entitled to vote thereon and are present in person or represented by proxy shall be the act of such class or series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless required by law or determined by the chairman of the meeting to be advisable, the vote on any matter, including, without
limitation, the election of directors, need not be by written ballot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-align: justify; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION
2.10 <U>Action by Written Consent</U>. Notwithstanding anything herein to the contrary, until the Trigger Date, any action required to
be taken at any annual or special meeting of the stockholders of the Corporation, or any action which may be taken at any annual or special
meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing (or deemed
to be in writing under applicable law), setting forth the action so taken, shall be signed by stockholders (or deemed to be signed by
stockholders under applicable law) representing not less than the minimum number of votes that would be necessary to authorize or take
such actions at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered and dated as required
by law. Prompt notice of the taking of such action without a meeting by less than unanimous written consent shall be given to those stockholders
who have not consented in writing. The Secretary shall file such consents with the minutes of the meetings of the stockholders. From and
after the Trigger Date, any action required to be taken at any annual or special meeting of the stockholders of the Corporation, or any
action which may be taken at any annual or special meeting of such stockholders, may be taken only upon the vote of the stockholders at
an annual or special meeting duly called and may not be taken by written consent of the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-align: justify; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.11 <U>Inspectors</U>.
The chairman of the meeting shall appoint one or more inspectors to act at any meeting of the stockholders. Such inspectors shall perform
such duties as shall be required by law or specified by the chairman of the meeting. Inspectors need not be stockholders. No director
or nominee for the office of director shall be appointed such inspector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 2.12 <U>Public
Announcements</U>. For the purpose of <U>Section 2.7</U>, &ldquo;<U>public announcement</U>&rdquo; shall mean disclosure (i) in a press
release reported by the Dow Jones Newswire, Business Wire, Reuters Information Service or any similar or successor news wire service or
(ii) in a communication distributed generally to stockholders and in a document publicly filed by the Corporation with the SEC pursuant
to Sections 13, 14 or 15(d) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">ARTICLE III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>BOARD OF DIRECTORS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.1 <U>General
Powers</U>. The business and affairs of the Corporation shall be managed by or under the direction of the Board, which may exercise all
such powers of the Corporation (or grant authority to exercise such powers) and do all such lawful acts and things as are not by law or
by the Certificate directed or required to be exercised or done by the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.2 <U>Number,
Qualification and Election</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The number of directors constituting the Board shall be determined in accordance with the Certificate. The terms of office of directors
shall be governed by the Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each director shall be at least 21 years of age. Directors need not be stockholders of the Corporation. No person shall qualify
for service as a director of the Corporation if he or she is a party to any compensatory, payment, indemnification or other financial
agreement, arrangement or understanding with any person or entity other than the Corporation, or has received any such compensation or
other payment from any person or entity other than the Corporation, in each case in connection with candidacy or service as a director
of the Corporation, unless he or she discloses such compensatory, payment or other financial agreement, arrangement or understanding,
or receipt of any such compensation or other payment, to the Corporation pursuant to the requirements and procedures set forth in <U>Section
3.3(a)(iv)</U> as if such person were a Stockholder Nominee (as defined below in <U>Section 3.3(a)(iii)</U>) thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A nominee for director shall be elected to the Board by a plurality of the votes of the shares present in person or represented
by proxy at a meeting and entitled to vote for nominees in the election of directors or in any action by written consent in lieu of such
a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.3 <U>Notification
of Nominations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the rights of the holders of any outstanding series of Preferred Stock and the terms of the Transaction Agreement, dated as of [&bull;],
by and among Stagwell Media LP, a Delaware limited partnership (&ldquo;<U>Stagwell</U>&rdquo;), Stagwell Blocker LLC, a Delaware limited
liability company, and MDC Partners Inc., a Canadian corporation which domesticated as a Delaware corporation prior to the date hereof
and converted into [Midas OpCo Holdings LLC], a Delaware limited liability company (as amended, modified or supplemented from time to
time, the &ldquo;<U>Transaction Agreement</U>&rdquo;), nominations for the election of directors may be made (i) by the Board or by any
stockholder pursuant to this <U>Section 3.3</U> who is a stockholder of record at the time of giving of the notice of nomination provided
for in this Section 3.3 and who is entitled to vote for the election of directors; or (ii) by any stockholder or stockholders that, pursuant
to <U>Section 2.10</U> hereof, have a sufficient number of votes to remove directors by written consent. This <U>Section 3.3</U> is the
exclusive means by which a stockholder may nominate a person for election to the Board. Subject to clause (ii) of the first sentence of
this <U>Section 3.3(a)</U>, any stockholder of record entitled to vote for the election of directors at a meeting may nominate persons
for election as directors only if timely written notice (a &ldquo;<U>Notice of Nomination</U>&rdquo;) of such stockholder&rsquo;s intent
to make such nomination is given in proper written form to the Secretary. To be timely, a Notice of Nomination must be delivered to or
mailed and received at the principal executive offices of the Corporation (i) with respect to an election to be held at an annual meeting
of the stockholders, not less than 90 days nor more than 120 days prior to the first anniversary of the date of the immediately preceding
annual meeting as first specified in the Corporation&rsquo;s notice of meeting (without regard to any postponements or adjournments of
such meeting after such notice was first sent); <U>provided</U>, <U>however</U>, that in the event that the date of the annual meeting
is more than 30 days earlier or more than 60 days later than such anniversary date, a Notice of Nomination to be timely must be so delivered
or received not earlier than the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th
day prior to such annual meeting or the 10th day following the day on which public announcement of the date of such meeting is first made;
<U>provided</U>, <U>further</U>, that for the purpose of calculating the timeliness of stockholder notices for the 2021 annual meeting
of stockholders, the date of the immediately preceding annual meeting shall be deemed to be June 25, 2020 and (ii) with respect to an
election to be held at a special meeting of the stockholders for the election of directors, not earlier than the 90th day prior to such
special meeting and not later than the close of business on the later of the 60th day prior to such special meeting or the 10th day following
the day on which public announcement is first made of the date of the special meeting. In no event shall the public announcement of an
adjournment or postponement, or an adjournment or postponement, of a meeting commence a new time period (or extend any time period) for
the giving of a stockholder&rsquo;s notice as described above. To be in proper written form, the Notice of Nomination shall set forth:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 0.75in; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Stockholder Information with respect to each stockholder nominating persons for election to the Board (each, a &ldquo;<U>Nominating
Stockholder</U>&rdquo;) and each Stockholder Associated Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a representation that each Nominating Stockholder is a holder of record of stock of the Corporation entitled to vote at the meeting
and intends to appear in person or by proxy at the meeting to propose such nomination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all information regarding each Nominating Stockholder, each nominee (each, a &ldquo;<U>Stockholder Nominee</U>&rdquo;) and each
Stockholder Associated Person that would be required to be disclosed in a solicitation of proxies subject to Section 14 of the Exchange
Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) each Stockholder Nominee&rsquo;s written consent to being named in the proxy statement as a nominee and to serving as a director
if elected; (B) a completed and duly executed written questionnaire completed and signed by each Stockholder Nominee with respect to the
background, qualifications and independence of such Stockholder Nominee (in the form provided by the Secretary upon written request);
(C) a completed and duly executed written questionnaire with respect to the background and qualification with respect to such Nominating
Stockholder and any other person or entity on whose behalf, directly or indirectly, the nomination is being made (in the form provided
by the Secretary upon written request), and (D) each Stockholder Nominee&rsquo;s written representation and agreement (in the form provided
by the Secretary upon written request), (i) that if elected as a director of the Corporation, such person will submit an irrevocable resignation
effective upon (x) such person&rsquo;s failure to receive a majority of the votes cast in an uncontested election and (y) the acceptance
of such resignation by the Board, (ii) that such person currently intends to serve as a director for the full term for which such person
is standing for election, (iii) that such person is not and will not become party to any agreement, arrangement or understanding with,
and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation,
will act or vote on any issue or question (a &ldquo;<U>Voting Commitment</U>&rdquo;) that has not been disclosed to the Corporation or
any Voting Commitment that could limit or interfere with such person&rsquo;s ability to comply, if elected as a director of the Corporation,
with such person&rsquo;s fiduciary duties under applicable law, (iv) that such person is not and will not become a party to any agreement,
arrangement, or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation,
reimbursement, or indemnification in connection with service or action as a director that has not been disclosed to the Corporation, and
(v) that in the person&rsquo;s individual capacity and on behalf of any person or entity on whose behalf the nomination is being made,
would be in compliance, if elected as a director of the Corporation, and will comply with all applicable publicly disclosed corporate
governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation, and any
other Corporation policies and guidelines applicable to Corporation directors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during
the past three years, and any other material relationships, between or among a Nominating Stockholder, Stockholder Associated Person or
others acting in concert therewith, including all information that would be required to be disclosed pursuant to Rule 404 promulgated
under Regulation S-K (or any such successor rule) if the Nominating Stockholder, Stockholder Associated Person or any person acting in
concert therewith, were the &ldquo;registrant&rdquo; for purposes of such rule and the Stockholder Nominee were a director or executive
of such registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a duly executed representation as to whether the Nominating Stockholder(s) intend (A) to deliver a proxy statement and form of
proxy to holders of at least the percentage of the Corporation&rsquo;s outstanding capital stock required to approve the nomination or
(B) otherwise to solicit proxies from stockholders in support of such nomination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all other information that would be required to be filed with the SEC if the Nominating Stockholder(s) and Stockholder Associated
Person were participants in a solicitation subject to Section 14 of the Exchange Act (or any such successor section); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a duly executed representation that each Nominating Stockholder shall provide any other information reasonably requested by the
Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 28.85pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, each Proponent shall affirm as true and correct the information provided to the Corporation in the Notice of Nomination or,
at the Corporation&rsquo;s request, such information provided pursuant to <U>Section 3.3(a)(vii)</U> (and shall update or supplement such
information as needed so that such information shall be true and correct) as of (i) the record date for the meeting and (ii) the date
that is 10 business days prior to the announced date of the meeting to which the Notice of Nomination relates. Such affirmation, update
and/or supplement must be delivered personally or mailed to, and received at the principal executive offices of the Corporation, addressed
to the Secretary, by no later than five business days after the applicable date specified in clause (i) and (ii) of the foregoing sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
person presiding over the meeting shall, if the facts warrant, determine and declare to the meeting, that the nomination was not made
in accordance with the procedures set forth in this <U>Section 3.3</U>, and, if he or she should so determine, he or she shall so declare
to the meeting and the defective nomination shall be disregarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Nominating Stockholder (or a qualified representative of the stockholder) does not appear at the applicable stockholder meeting to
nominate the Stockholder Nominees, such nomination shall be disregarded and such business shall not be transacted, notwithstanding that
proxies in respect of such vote may have been received by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this <U>Section 3.3</U> shall be deemed to affect any rights of the holders of any series of Preferred Stock pursuant to any applicable
provision of the Certificate or any Certificate of Designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.4 <U>Quorum
and Manner of Acting</U>. Except as otherwise provided by law, the Certificate or these By-laws, a majority of the Board shall constitute
a quorum for the transaction of business at any meeting of the Board, and, except as so provided, the vote of a majority of the directors
present at any meeting at which a quorum is present shall be the act of the Board. The chairman of the meeting or a majority of the directors
present may adjourn the meeting to another time and place, if any, whether or not a quorum is present. At any adjourned meeting at which
a quorum is present, any business may be transacted which might have been transacted at the meeting as originally called.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.5 <U>Place
of Meeting</U>. Subject to <U>Sections 3.6</U> and <U>3.7</U>, the Board may hold its meetings at such place or places, if any, either
within or outside of the State of Delaware, as the Board may from time to time determine, or as shall be specified or fixed in the respective
notices or waivers of notice thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.6 <U>Regular
Meetings</U>. Regular meetings of the Board shall be held at such times as the Board shall from time to time determine, at such locations
as the Board may determine. No fewer than four meetings of the Board shall be held per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.7 <U>Special
Meetings</U>. Special meetings of the Board shall be held whenever called by the Chairman of the Board, the Chief Executive Officer or
by a majority of the non-employee directors, and shall be held at such place, if any, on such date and at such time as he, she or they,
as applicable, shall fix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.8 <U>Notice
of Meetings</U>. Notice of regular meetings of the Board or of any adjourned meeting thereof need not be given. Notice of each special
meeting of the Board shall be given by overnight delivery service or mailed to each director, in either case addressed to such director
at such director&rsquo;s residence or usual place of business, at least 48 hours before the day on which the meeting is to be held or
shall be sent to such director at such place by telecopy or by electronic transmission or shall be given personally or by telephone, not
later than 24 hours before the meeting is to be held, but notice need not be given to any director who shall, either before or after the
meeting, submit a waiver of such notice or who shall attend such meeting without protesting, prior to or at its commencement, the lack
of notice to such director. Unless otherwise required by these By-laws, every such notice shall state the time and place, if any, but
need not state the purpose of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.9 <U>Rules
and Regulations</U>. The Board may adopt such rules and regulations not inconsistent with the provisions of law, the Certificate or these
By-laws for the conduct of its meetings and management of the affairs of the Corporation as the Board may deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.10 <U>Participation
in Meeting by Means of Communications Equipment</U>. Any one or more members of the Board or any committee thereof may participate in
any meeting of the Board or of any such committee by means of conference telephone or other communications equipment by means of which
all persons participating in the meeting can hear each other or as otherwise permitted by law, and such participation in a meeting shall
constitute presence in person at such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.11 <U>Action
Without Meeting</U>. Any action required or permitted to be taken at any meeting of the Board or any committee thereof may be taken without
a meeting if all of the members of the Board or of any such committee consent thereto in writing or as otherwise permitted by law and,
if required by law, the writing or writings are filed with the minutes or proceedings of the Board or of such committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.12 <U>Chairman</U>.
The Board of Directors shall annually select one of its members to be Chairman and shall fill any vacancy in the position of Chairman
at such time and in such manner as the Board of Directors shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.13 <U>Resignations</U>.
Any director of the Corporation may at any time resign by giving written notice to the Board, the Chairman of the Board, the Chief Executive
Officer or the Secretary. Such resignation shall take effect at the time specified therein or, if the time be not specified therein, upon
receipt thereof; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 3.14 <U>Compensation</U>.
Each director, in consideration of such person serving as a director, shall be entitled to receive from the Corporation such amount per
annum and such fees (payable in cash or stock-based compensation) for attendance at meetings of the Board or of committees of the Board,
or both, and for acting as a chair of a committee of the Board, and/or any other compensation in each case as the Board or a committee
thereof shall from time to time determine. In addition, each director shall be entitled to receive from the Corporation reimbursement
for the reasonable expenses incurred by such person in connection with the performance of such person&rsquo;s duties as a director. Nothing
contained in this <U>Section 3.14</U> shall preclude any director from serving the Corporation or any of its subsidiaries in any other
capacity and receiving compensation therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">ARTICLE
IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>COMMITTEES
OF THE BOARD OF DIRECTORS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-align: center; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 4.1 <U>Committees
of the Board</U>. Subject to the terms of the Transaction Agreement, the Board shall designate such committees as may be required by the
listing standards of the principal U.S. exchange upon which the shares of the Corporation are listed and may from time to time designate
other committees of the Board (including, without limitation, an executive committee), with such lawfully delegable powers and duties
as it thereby confers, to serve at the pleasure of the Board and shall, for those committees and any others provided for herein, elect
a director or directors to serve as the member or members, designating, if it desires, other directors as alternate members who may replace
any absent or disqualified member at any meeting of the committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 4.2 <U>Conduct
of Business</U>. Any committee, to the extent allowed by law and provided in the resolution establishing such committee or the charter
of such committee, shall have and may exercise all the duly delegated powers and authority of the Board in the management of the business
and affairs of the Corporation. The Board shall have the power to prescribe the manner in which proceedings of any such committee shall
be conducted. In the absence of any such prescription, any such committee shall have the power to prescribe the manner in which its proceedings
shall be conducted. Unless the Board or such committee shall otherwise provide, regular and special meetings and other actions of any
such committee shall be governed by the provisions of Article III applicable to meetings and actions of the Board. Each committee shall
keep regular minutes and report on its actions to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">ARTICLE
V</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>OFFICERS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.1 <U>Number;
Term of Office</U>. The officers of the Corporation shall be elected by the Board and may consist of: a Chief Executive Officer, a Chief
Financial Officer, a General Counsel, a Chief Marketing Officer, one or more Vice Presidents (including, without limitation, Executive
Vice Presidents or Senior Vice Presidents), a Chief Accounting Officer and Secretary and such other officers and agents with such titles
and such duties as the Board may from time to time determine, each to have such authority, functions or duties as in these By-laws provided
or as the Board may from time to time determine, and each to hold office for such term as may be prescribed by the Board and until such
person&rsquo;s successor shall have been chosen and shall qualify, or until such person&rsquo;s death or resignation, or until such person&rsquo;s
removal in the manner hereinafter provided. One person may hold the offices and perform the duties of any two or more of said officers;
<U>provided</U>, <U>however</U>, that no officer shall execute, acknowledge or verify any instrument in more than one capacity if such
instrument is required by law, the Certificate or these By-laws to be executed, acknowledged or verified by two or more officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.2 <U>Removal</U>.
Subject to <U>Section 5.13</U>, any officer may be removed, either with or without cause, by the Board at any meeting thereof called for
the purpose, by the Chief Executive Officer, or by any other superior officer upon whom such power may be conferred by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.3 <U>Resignation</U>.
Any officer may resign at any time by giving notice to the Board, the Chief Executive Officer or the Secretary. Any such resignation shall
take effect at the date of receipt of such notice or at any later date specified therein; and, unless otherwise specified therein, the
acceptance of such resignation shall not be necessary to make it effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION
5.4 <U>Chief Executive Officer</U>. The Chief Executive Officer shall have general supervision and direction of the business and affairs
of the Corporation, subject to the control of the Board, and shall report directly to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-align: justify; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.5 <U>Chief
Financial Officer</U>. The Chief Financial Officer shall perform all the powers and duties of the office of the chief financial officer
and in general have overall supervision of the financial operations of the Corporation. The Chief Financial Officer shall, when requested,
counsel with and advise the other officers of the Corporation and shall perform such other duties as he or she may agree with the Chief
Executive Officer or as the Board may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.6 <U>General
Counsel</U>. The General Counsel shall perform all the powers and duties of the office of the general counsel and in general have overall
supervision of the legal operations of the Corporation. The General Counsel shall, when requested, counsel with and advise the other officers
of the Corporation and shall perform such other duties as he or she may agree with the Chief Executive Officer or as the Board may from
time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.7 <U>Chief
Marketing Officer</U>. The Chief Marketing Officer shall perform such senior duties in connection with the marketing of the Corporation
as he or she may agree with the Chief Executive Officer or as the Board shall from time to time determine. The Chief Marketing Officer
shall, when requested, counsel with and advise the other officers of the Corporation and shall perform such other duties as he or she
may agree with the Chief Executive Officer or as the Board may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.8 <U>Vice
Presidents</U>. Any Vice President shall have such powers and duties as shall be prescribed by his or her superior officer or the Board.
A Vice President shall, when requested, counsel with and advise the other officers of the Corporation and shall perform such other duties
as he or she may agree with the Chief Executive Officer or as the Board may from time to time determine. A Vice President need not be
an officer of the Corporation and shall not be deemed an officer of the Corporation unless elected by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.9 <U>Chief
Accounting Officer</U>. The Chief Accounting Officer shall be the chief accounting officer of the Corporation. The Chief Accounting Officer
shall, when requested, counsel with and advise the other officers of the Corporation and shall perform such other duties as he or she
may agree with the Chief Executive Officer or the Chief Financial Officer or as the Board may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.10 <U>Secretary</U>.
It shall be the duty of the Secretary to act as secretary at all meetings of the Board, of the committees of the Board and of the stockholders
and to record the proceedings of such meetings in a book or books to be kept for that purpose; the Secretary shall see that all notices
required to be given by the Corporation are duly given and served; the Secretary shall be custodian of the seal of the Corporation and
when deemed necessary shall affix the seal or cause it to be affixed to all certificates of stock, if any, of the Corporation (unless
the seal of the Corporation on such certificates shall be a facsimile, as hereinafter provided) and to all documents, the execution of
which on behalf of the Corporation under its seal is duly authorized in accordance with the provisions of these By-laws; the Secretary
shall have charge of the books, records and papers of the Corporation and shall see that the reports, statements and other documents required
by law to be kept and filed are properly kept and filed; and in general shall perform all of the duties incident to the office of Secretary.
The Secretary shall, when requested, counsel with and advise the other officers of the Corporation and shall perform such other duties
as he or she may agree with the Chief Executive Officer or as the Board may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.11 <U>Controllers
and Assistant Secretaries</U>. Any Assistant Controllers and Assistant Secretaries shall perform such duties as shall be assigned to them
by the Board or by the Chief Accounting Officer or Secretary, respectively, or by the Chief Executive Officer. A Controller or Assistant
Secretary need not be an officer of the Corporation and shall not be deemed an officer of the Corporation unless elected by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 5.12 <U>Additional
Matters</U>. The Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer and the Chief Marketing Officer of
the Corporation shall have the authority to designate employees of the Corporation to have the title of Vice President, Assistant Vice
President, Assistant Treasurer, Assistant Controller or Assistant Secretary. Any employee so designated shall have the powers and duties
determined by the officer making such designation. The persons upon whom such titles are conferred shall not be deemed officers of the
Corporation unless elected by the Board or appointed by any duly elected officer or assistant officer authorized by the Board to appoint
such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">ARTICLE
VI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>INDEMNIFICATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 6.1 <U>Right
to Indemnification</U>. The Corporation, to the fullest extent permitted or required by the DGCL or other applicable law, as the same
exists or may hereafter be amended (but, in the case of any such amendment and unless applicable law otherwise requires, only to the extent
that such amendment permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide
prior to such amendment), shall indemnify and hold harmless any person who is or was a director or officer of the Corporation and who
is or was involved in any manner (including, without limitation, as a party or a witness) or is threatened to be made so involved in any
threatened, pending or completed investigation, claim, action, suit or proceeding, whether civil, criminal, administrative or investigative
(including, without limitation, any action, suit or proceedings by or in the right of the Corporation to procure a judgment in its favor)
(a &ldquo;<U>Proceeding</U>&rdquo;) by reason of the fact that such person, or another person of whom such person is the legal representative,
is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer or agent
of another corporation, partnership, joint venture, trust or other enterprise (including, without limitation, any employee benefit plan)
(a &ldquo;<U>Covered Entity</U>&rdquo;), whether the basis of such Proceeding is alleged action in an official capacity as a director,
officer or agent or in any other capacity while serving as a director, officer or agent, against all expenses, liabilities and losses
(including, without limitation, attorneys&rsquo; fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement)
actually and reasonably incurred by such person in connection with such Proceeding and such indemnification shall continue as to a person
who has ceased to be a director, officer or agent of the Corporation or a Covered Entity; <U>provided</U>, <U>however</U>, that, except
as provided in <U>Section 6.4(d)</U> with respect to an adjudication of entitlement to indemnification, the Corporation shall indemnify
and hold harmless any such person entitled to indemnification as provided in this <U>Section 6.1</U> (an &ldquo;<U>Indemnitee</U>&rdquo;)
in connection with a Proceeding initiated by such Indemnitee only if such Proceeding was authorized by the Board. Any right of an Indemnitee
to indemnification shall be a contract right and shall include the right to receive, prior to the conclusion of any Proceeding, payment
of any expenses incurred by the Indemnitee in connection with such Proceeding, consistent with the provisions of the DGCL or other applicable
law, as the same exists or may hereafter be amended (but, in the case of any such amendment and unless applicable law otherwise requires,
only to the extent that such amendment permits the Corporation to provide broader rights to payment of expenses than such law permitted
the Corporation to provide prior to such amendment), and the other provisions of this Article VI; <U>provided</U> that payment of expenses
incurred by a person other than a director or officer of the Corporation prior to the conclusion of any Proceeding shall be made, unless
otherwise determined by the Board, only upon delivery to the Corporation of an undertaking by or on behalf of such person to the same
effect as any undertaking required to be delivered to the Corporation by any director or officer of the Corporation pursuant to the DGCL
or other applicable law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 6.2 <U>Insurance,
Contracts and Funding</U>. The Corporation may purchase and maintain insurance to protect itself and any director, officer, employee or
agent of the Corporation or of any Covered Entity against any expenses, liabilities or losses as specified in <U>Section 6.1</U> or incurred
by any such director, officer, employee or agent in connection with any Proceeding referred to in <U>Section 6.1</U>, whether or not the
Corporation would have the power to indemnify such person against such expense, liability or loss under the DGCL. The Corporation may
enter into contracts with any director, officer, employee or agent of the Corporation or of any Covered Entity in furtherance of the provisions
of this Article VI and may create a trust fund, grant a security interest or use other means (including, without limitation, a letter
of credit) to ensure the payment of such amounts as may be necessary to effect indemnification as provided or authorized in this Article
VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 6.3 <U>Indemnification
Not Exclusive Right</U>. The right of indemnification provided in this Article VI shall not be exclusive of any other rights to which
an Indemnitee may otherwise be entitled, and the provisions of this Article VI shall inure to the benefit of the heirs and legal representatives
of any Indemnitee under this Article VI and shall be applicable to Proceedings commenced or continuing after the adoption of this Article
VI, whether arising from acts or omissions occurring before or after such adoption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 6.4 <U>Advancement
of Expenses; Procedures; Presumptions and Effect of Certain Proceedings; Remedies</U>. In furtherance, but not in limitation, of the foregoing
provisions, the following procedures, presumptions and remedies shall apply with respect to advancement of expenses and the right to indemnification
under this Article VI:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Advancement of Expenses</U>. All reasonable expenses (including, without limitation, attorneys&rsquo; fees) incurred by or on
behalf of the Indemnitee in connection with any Proceeding shall be advanced to the Indemnitee by the Corporation within 20 days after
the receipt by the Corporation of a statement or statements from the Indemnitee requesting such advance or advances from time to time,
whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the expenses incurred
by the Indemnitee and, if required by law or the provisions of this Article VI at the time of such advance, shall include or be accompanied
by an undertaking by or on behalf of the Indemnitee to repay the amounts advanced if ultimately it should be determined that the Indemnitee
is not entitled to be indemnified against such expenses pursuant to this Article VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Procedure for Determination of Entitlement to Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 49.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To obtain indemnification under this Article VI, an Indemnitee shall submit to the Secretary a written request including such documentation
and information as is reasonably available to the Indemnitee and reasonably necessary to determine whether and to what extent the Indemnitee
is entitled to indemnification (the &ldquo;<U>Supporting Documentation</U>&rdquo;). The determination of the Indemnitee&rsquo;s entitlement
to indemnification shall be made not later than 60 days after receipt by the Corporation of the written request for indemnification together
with the Supporting Documentation. The Secretary shall, promptly upon receipt of such a request for indemnification, advise the Board
in writing that the Indemnitee has requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 49.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Indemnitee&rsquo;s entitlement to indemnification under this Article VI shall be determined in one of the following ways: (A)
by a majority vote of the Disinterested Directors (as defined below in <U>Section 6.4(e)</U>), whether or not they constitute a quorum
of the Board, or by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors; (B) by a written
opinion of Independent Counsel (as defined below in <U>Section 6.4(e)</U>) if there are no Disinterested Directors or a majority of such
Disinterested Directors so directs; (C) by the stockholders of the Corporation; or (D) as provided in <U>Section 6.4(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to <U>Section 6.4(b)(ii)</U>,
a majority of the Disinterested Directors shall select the Independent Counsel, but only an Independent Counsel to which the Indemnitee
does not reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Presumptions and Effect of Certain Proceedings</U>. If the person or persons empowered under <U>Section 6.4(b)</U> to determine
entitlement to indemnification shall not have been appointed or shall not have made a determination within 60 days after receipt by the
Corporation of the request therefor, together with the Supporting Documentation, the Indemnitee shall be deemed to be, and shall be, entitled
to indemnification unless (A) the Indemnitee misrepresented or failed to disclose a material fact in making the request for indemnification
or in the Supporting Documentation or (B) such indemnification is prohibited by law. The termination of any Proceeding described in <U>Section
6.1</U>, or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of <I>nolo contendere
</I>or its equivalent, shall not, of itself, adversely affect the right of the Indemnitee to indemnification or create a presumption that
the Indemnitee did not act in good faith and in a manner which the Indemnitee reasonably believed to be in or not opposed to the best
interests of the Corporation or, with respect to any criminal proceeding, that the Indemnitee had reasonable cause to believe that such
conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies of Indemnitee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that a determination is made pursuant to <U>Section 6.4(b)</U> that the Indemnitee is not entitled to indemnification
under this Article VI, (A) the Indemnitee shall be entitled to seek an adjudication of entitlement to such indemnification either, at
the Indemnitee&rsquo;s sole option, in (x) an appropriate court of the State of Delaware or any other court of competent jurisdiction
or (y) an arbitration to be conducted by a single arbitrator pursuant to the rules of the American Arbitration Association and (B) any
such judicial proceeding or arbitration shall be <B><I>de novo </I></B>and the Indemnitee shall not be prejudiced by reason of such adverse
determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 0.75in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a determination shall have been made or deemed to have been made, pursuant to <U>Section 6.4(b)</U> or <U>6.4(c)</U>, that the
Indemnitee is entitled to indemnification, the Corporation shall be obligated to pay the amounts constituting such indemnification within
45 days after such determination has been made or deemed to have been made and shall be conclusively bound by such determination unless
(A) the Indemnitee misrepresented or failed to disclose a material fact in making the request for indemnification or in the Supporting
Documentation or (B) such indemnification is prohibited by law. In the event that (X) advancement of expenses is not timely made pursuant
to <U>Section 6.4(a)</U> or (Y) payment of indemnification is not made within 45 days after a determination of entitlement to indemnification
has been made or deemed to have been made pursuant to <U>Section 6.4(b)</U> or <U>6.4(c)</U>, the Indemnitee shall be entitled to seek
judicial enforcement of the Corporation&rsquo;s obligation to pay to the Indemnitee such advancement of expenses or indemnification. Notwithstanding
the foregoing, the Corporation may bring an action, in an appropriate court in the State of Delaware or any other court of competent jurisdiction,
contesting the right of the Indemnitee to receive indemnification hereunder due to the occurrence of an event described in sub-clause
(A) or (B) of this clause (ii) (a &ldquo;<U>Disqualifying Event</U>&rdquo;); <U>provided</U>, <U>however</U>, that in any such action
the Corporation shall have the burden of proving the occurrence of such Disqualifying Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Corporation shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this <U>Section
6.4(d)</U> that the procedures and presumptions of this Article VI are not valid, binding and enforceable and shall stipulate in any such
court or before any such arbitrator that the Corporation is bound by all the provisions of this Article VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-align: justify; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Indemnitee, pursuant to this <U>Section 6.4(d)</U>, seeks a judicial adjudication of or an award in arbitration
to enforce rights under, or to recover damages for breach of, this Article VI, or in the event of a suit brought by the Corporation to
recover an advancement of expenses pursuant to the terms of an undertaking, the Indemnitee shall be entitled to recover from the Corporation,
and shall be indemnified by the Corporation against, any expenses actually and reasonably incurred by the Indemnitee if the Indemnitee
prevails in such judicial adjudication, arbitration or suit. If it shall be determined in such judicial adjudication, arbitration or suit
that the Indemnitee is entitled to receive part but not all of the indemnification or advancement of expenses sought, the expenses incurred
by the Indemnitee in connection with such judicial adjudication, arbitration or action shall be prorated accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>. For purposes of this Article VI:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Disinterested Director</U>&rdquo; means a director of the Corporation who is not or was not a party to the Proceeding
in respect of which indemnification is sought by the Indemnitee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #231F20">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Independent Counsel</U>&rdquo; means a law firm or a member of a law firm that neither presently is, nor in the past
five years has been, retained to represent: (x) the Corporation or the Indemnitee in any matter material to either such party or (y) any
other party to the Proceeding giving rise to a claim for indemnification under this Article VI. Notwithstanding the foregoing, the term
 &ldquo;Independent Counsel&rdquo; shall not include any person who, under the applicable standards of professional conduct then prevailing
under the law of the State of Delaware, would have a conflict of interest in representing either the Corporation or the Indemnitee in
an action to determine the Indemnitee&rsquo;s rights under this Article VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 6.5 <U>Severability</U>.
If any provision or provisions of this Article VI shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a)
the validity, legality and enforceability of the remaining provisions of this Article VI (including, without limitation, all portions
of any paragraph of this Article VI containing any such provision held to be invalid, illegal or unenforceable, that are not themselves
invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions
of this Article VI (including, without limitation, all portions of any paragraph of this Article VI containing any such provision held
to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or enforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20"><BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 6.6 <U>Indemnification
of Agents</U>. Notwithstanding any other provision or provisions of this Article VI, the Corporation, to the fullest extent of the provisions
of this Article VI with respect to the indemnification of Indemnitees, may indemnify any person other than an Indemnitee, who is or was
an employee or agent of the Corporation or a Covered Entity and who is or was involved in any manner (including, without limitation, as
a party or a witness) or is threatened to be made so involved in any threatened, pending or completed Proceeding by reason of the fact
that such person, or another person of whom such person is the legal representative, is or was a director, officer, employee or agent
of the Corporation or of a Covered Entity, whether the basis of such Proceeding is alleged action in an official capacity as a director,
officer, employee or agent or in any other capacity while serving as a director, officer, employee or agent, against all expenses, liabilities
and losses (including, without limitation, attorneys&rsquo; fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in
settlement) actually and reasonably incurred by such person in connection with such Proceeding. The Corporation may also advance expenses
incurred by such employee or agent in connection with any such Proceeding, consistent with the provisions of this Article VI with respect
to the advancement of expenses of Indemnitees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">ARTICLE
VII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>CAPITAL STOCK</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-align: center; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 7.1 <U>Certificates
for Shares and Uncertificated Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The shares of stock of the Corporation shall be uncertificated shares that may be evidenced by a book-entry system maintained by
the registrar of such stock, or shall be represented by certificates, or a combination of both. To the extent that shares are represented
by certificates, such certificates whenever authorized by the Board shall be in such form as shall be approved by the Board. The certificates
representing shares of stock of each class shall be signed by, or in the name of, the Corporation by any two authorized officers of the
Corporation, and sealed with the seal of the Corporation, which may be a facsimile thereof. Any or all such signatures may be facsimiles
if countersigned by a transfer agent or registrar. Although any officer, transfer agent or registrar whose manual or facsimile signature
is affixed to such a certificate ceases to be such officer, transfer agent or registrar before such certificate has been issued, it may
nevertheless be issued by the Corporation with the same effect as if such officer, transfer agent or registrar were still such at the
date of its issue. Within a reasonable time after the issuance or transfer of uncertificated shares, written notice in accordance with
Section 151(f) of the DGCL shall be sent to the registered owner thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The stock ledger and blank share certificates, if any, shall be kept by the Secretary or by a transfer agent or by a registrar
or by any other officer or agent designated by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 7.2 <U>Transfer
of Shares</U>. Transfers of shares of stock of each class of the Corporation shall be made only on the books of the Corporation upon authorization
by the registered holder thereof, or by such holder&rsquo;s attorney thereunto authorized by a power of attorney duly executed and filed
with the Secretary or a transfer agent for such stock, if any, and if such shares are represented by a certificate, upon surrender of
the certificate or certificates for such shares properly endorsed or accompanied by a duly executed stock transfer power (or by proper
evidence of succession, assignment or authority to transfer) and the payment of any taxes thereon; <U>provided</U>, <U>however</U>, that
the Corporation shall be entitled to recognize and enforce any lawful restriction on transfer. The person in whose name shares are registered
on the books of the Corporation shall be deemed the owner thereof for all purposes as regards the Corporation; <U>provided</U>, <U>however</U>,
that whenever any transfer of shares shall be made for collateral security and not absolutely, and written notice thereof shall be given
to the Secretary or to such transfer agent, such fact shall be stated in the entry of the transfer. No transfer of shares shall be valid
as against the Corporation, its stockholders and creditors for any purpose, except to render the transferee liable for the debts of the
Corporation to the extent provided by law, until it shall have been entered in the stock records of the Corporation by an entry showing
from and to whom transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 7.3 <U>Registered
Stockholders and Addresses of Stockholders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Corporation shall be entitled to recognize the exclusive right of a person registered on its records as the owner of shares
of stock to receive dividends and to vote as such owner, shall be entitled to hold liable for calls and assessments a person registered
on its records as the owner of shares of stock, and shall not be bound to recognize any equitable or other claim to or interest in such
share or shares of stock on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise
provided by the laws of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each stockholder shall designate to the Secretary or transfer agent of the Corporation an address at which notices of meetings
and all other corporate notices may be given to such person, and, if any stockholder shall fail to designate such address, corporate notices
may be given to such person by mail directed to such person at such person&rsquo;s post office address, if any, as the same appears on
the stock record books of the Corporation or at such person&rsquo;s last known post office address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 7.4 <U>Lost,
Destroyed and Mutilated Certificates</U>. The holder of any certificate representing any shares of stock of the Corporation shall immediately
notify the Corporation of any loss, theft, destruction or mutilation of such certificate; the Corporation may issue to such holder a new
certificate or certificates for shares, upon the surrender of the mutilated certificate or, in the case of loss, theft or destruction
of the certificate, upon satisfactory proof of such loss, theft or destruction; the Board, or a committee designated thereby or the transfer
agents and registrars for the stock, may, in their discretion, require the owner of the lost, stolen or destroyed certificate, or such
person&rsquo;s legal representative, to give the Corporation a bond in such sum and with such surety or sureties as they may direct to
indemnify the Corporation and said transfer agents and registrars against any claim that may be made on account of the alleged loss, theft
or destruction of any such certificate or the issuance of such new certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 7.5 <U>Regulations</U>.
The Board may make such additional rules and regulations as it may deem expedient concerning the issue, transfer and registration of certificated
or uncertificated shares of stock of each class and series of the Corporation and may make such rules and take such action as it may deem
expedient concerning the issue of certificates in lieu of certificates claimed to have been lost, destroyed, stolen or mutilated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 7.6 <U>Fixing
Date for Determination of Stockholders of Record</U>. In order that the Corporation may determine the stockholders entitled to notice
of or to vote at any meeting of the stockholders or any adjournment thereof, or entitled to receive payment of any dividend or other distribution
or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose
of any other lawful action, the Board may fix, in advance, a record date, which shall not be more than 60 days nor less than 10 days before
the date of such meeting, nor more than 60 days prior to any other action. A determination of stockholders entitled to notice of or to
vote at a meeting of the stockholders shall apply to any adjournment of the meeting; <U>provided</U>, <U>however</U>, that the Board may
fix a new record date for the adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 7.7 <U>Transfer
Agents and Registrars</U>. The Board may appoint, or authorize any officer or officers to appoint, one or more transfer agents and one
or more registrars.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">ARTICLE
VIII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>SEAL</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">The Board shall approve
a suitable corporate seal. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or in any other manner
reproduced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">ARTICLE
IX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>FISCAL
YEAR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">The fiscal year of
the Corporation shall be as fixed by the Board from time to time. If the Board makes no determination to the contrary, the fiscal year
of the Corporation shall end on the 31st day of December in each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">ARTICLE
X</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>WAIVER
OF NOTICE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">Whenever any notice
whatsoever is required to be given by these By-laws, by the Certificate or by law, the person entitled thereto may, either before or after
the meeting or other matter in respect of which such notice is to be given, waive such notice in writing or as otherwise permitted by
law, which shall be filed with or entered upon the records of the meeting or the records kept with respect to such other matter, as the
case may be, and in such event such notice need not be given to such person and such waiver shall be deemed equivalent to such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">ARTICLE
XI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>AMENDMENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">These By-laws may be
altered, amended or repealed, in whole or in part, or new By-laws may be adopted by the stockholders or by the Board at any meeting thereof;
<U>provided</U>, <U>however</U>, that notice of such alteration, amendment, repeal or adoption of new By-laws is contained in the notice
of such meeting of the stockholders or in the notice of such meeting of the Board and, in the latter case, such notice is given not less
than 24 hours prior to the meeting. Unless a higher percentage is required by the Certificate, all such amendments must be approved by
either the holders of a majority of the combined voting power of the outstanding shares of all classes and series of capital stock of
the Corporation entitled generally to vote in the election of directors of the Corporation, voting as a single class, or by a majority
of the directors present at any meeting of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">ARTICLE
XII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><U>MISCELLANEOUS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 12.1 <U>Execution
of Documents</U><I>. </I>The Board or any committee thereof shall designate the officers, employees and agents of the Corporation who
shall have power to execute and deliver deeds, contracts, mortgages, bonds, debentures, indentures, notes, checks, drafts and other orders
for the payment of money and other documents for and in the name of the Corporation and may authorize (including, without limitation,
authority to redelegate) by written instrument to other officers, employees or agents of the Corporation. Such delegation may be by resolution
or otherwise and the authority granted shall be general or confined to specific matters, all as the Board or any such committee may determine.
In the absence of such designation referred to in the first sentence of this Section, the officers of the Corporation shall have such
power so referred to, to the extent incident to the normal performance of their duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 12.2 <U>Deposits</U>.
All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation or otherwise
as the Board or any committee thereof or any officer of the Corporation to whom power in respect of financial operations shall have been
delegated by the Board or any such committee or in these By-laws shall select.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 12.3 <U>Checks</U>.
All checks, drafts and other orders for the payment of money out of the funds of the Corporation, and all notes or other evidences of
indebtedness of the Corporation, shall be signed on behalf of the Corporation in such manner as shall from time to time be determined
by resolution of the Board or of any committee thereof or by any officer of the Corporation to whom power in respect of financial operations
shall have been delegated by the Board or any such committee thereof or as set forth in these By-laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 12.4 <U>Proxies
in Respect of Stock or Other Securities of Other Corporations</U>. The Board or any committee thereof shall designate the officers of
the Corporation who shall have authority from time to time to appoint an agent or agents of the Corporation to exercise in the name and
on behalf of the Corporation the powers and rights which the Corporation may have as the holder of stock or other securities in any other
corporation or other entity, and to vote or consent in respect of such stock or securities; such designated officers may instruct the
person or persons so appointed as to the manner of exercising such powers and rights; and such designated officers may execute or cause
to be executed in the name and on behalf of the Corporation and under its corporate seal, or otherwise, such written proxies, powers of
attorney or other instruments as they may deem necessary or proper in order that the Corporation may exercise its said powers and rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #231F20">SECTION 12.5 <U>Subject
to Law and Certificate of Incorporation</U>. All powers, duties and responsibilities provided for in these By-laws, whether or not explicitly
so qualified, are qualified by the provisions of the Certificate and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 27pt; text-indent: 27pt; color: #231F20"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>mdca-20210727_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm139801551203960">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jul. 27, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jul. 27,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-13718<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">MDC PARTNERS INC.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000876883<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">98-0364441<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One World Trade Center<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Floor 65<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10007<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">646<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">429-1800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class&#160;A Subordinate Voting Shares, no par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MDCA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
