<SEC-DOCUMENT>0001104659-21-118591.txt : 20210923
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<ACCEPTANCE-DATETIME>20210923092141
ACCESSION NUMBER:		0001104659-21-118591
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20210923
ITEM INFORMATION:		Unregistered Sales of Equity Securities
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:		20210923
DATE AS OF CHANGE:		20210923

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		211271196

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC Stagwell Holdings Inc
		DATE OF NAME CHANGE:	20210729

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORP INC
		DATE OF NAME CHANGE:	20001204
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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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d) </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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(Address of principal
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

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

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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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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">Securities registered pursuant to Section
12(b) 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">&#160;</p>

<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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<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"><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 13(a) of the Exchange Act.&#160;</span><span style="font-family: Wingdings">&#168;</span></p>




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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 23, 2021, Stagwell Inc. (the &#8220;<span style="text-decoration: underline">Company</span>&#8221;)
provided separate Notices of Conversion (the &#8220;<span style="text-decoration: underline">Series 6 Notice</span>&#8221; and the &#8220;<span style="text-decoration: underline">Series
8 Notice</span>,&#8221; respectively) to each holder of record of each of (i) the Company&#8217;s Series 6 Convertible Preferred Stock,
par value $0.001 per share (the &#8220;<span style="text-decoration: underline">Series 6 Preferred Stock</span>&#8221;), and (ii) the
Company&#8217;s Series 8 Convertible Preferred Stock, par value $0.001 per share (the &#8220;<span style="text-decoration: underline">Series
8 Preferred Stock</span>&#8221;). Pursuant to the Series 6 Notice, the 50,000 issued and outstanding shares of Series 6 Preferred Stock
will be converted into 12,086,700 shares of the Company&#8217;s Class A common stock, par value $0.001 per share (the &#8220;<span style="text-decoration: underline">Class
A Common Stock</span>&#8221;), in the aggregate, on October 7, 2021 (the &#8220;<span style="text-decoration: underline">Conversion Date</span>&#8221;).
Pursuant to the Series 8 Notice, the 73,849 issued and outstanding shares of Series 8 Preferred Stock will be converted into 20,948,746
shares of Class A Common Stock, in the aggregate, on the Conversion Date.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of Class A Common Stock are being issued in reliance upon
the exemption set forth in Section 3(a)(9) of the Securities Act of 1933, as amended, for securities exchanged by the Company and existing
security holders where no commission or other remuneration is paid or given directly or indirectly by the Company for soliciting such
exchange.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"><b>Item 3.03.</b></td><td><b>Material Modification of 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  under Items 3.02 and 5.03 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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 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; text-align: justify">On September 22, 2021, in order to simplify the Company&#8217;s capital
structure and thereby improve the marketability of its common stock to investors, (i) the Company&#8217;s board of directors (acting
with the unanimous approval and upon the unanimous recommendation of the independent and disinterested members of the Company&#8217;s
board of directors) and the holder of all of the issued and outstanding shares of Series 6 Preferred Stock approved an amendment to the
Amended and Restated Certificate of Designation of the Series 6 Preferred Stock (the &#8220;<span style="text-decoration: underline">Series
6 Amendment</span>&#8221;), and (ii) the Company&#8217;s board of directors (acting with the unanimous approval and upon the unanimous
recommendation of the independent and disinterested members of the Company&#8217;s board of directors) and the holders of all of the
issued and outstanding shares of Series 8 Preferred Stock approved an amendment to the Certificate of Designation of the Series 8 Preferred
Stock (the &#8220;<span style="text-decoration: underline">Series 8 Amendment</span>&#8221;). The Series 6 Amendment and the Series 8
Amendment provided, among other things, for the removal of certain ownership-based limitations on the conversion of shares of Series
6 Preferred Stock and Series 8 Preferred Stock, respectively, into shares of Class A Common Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 23, 2021, the Company filed
with the Secretary of State of the State of Delaware (i) a Certificate of Amendment to the Amended and Restated Certificate of
Designation of the Series 6 Preferred Stock (the &#8220;<span style="text-decoration: underline">Series 6 Certificate</span>&#8221;)
relating to the Series 6 Amendment and (ii) a Certificate of Amendment to the Certificate of Designation of the Series 8 Preferred
Stock (the &#8220;<span style="text-decoration: underline">Series 8 Certificate</span>&#8221;) relating to the Series 8 Amendment.
The Series 6 Certificate and the Series 8 Certificate are attached hereto as Exhibits 3.1 and 3.2, respectively, and incorporated
herein by reference.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Series 6 Amendment and the Series
8 Amendment is not complete and is qualified in its entirety by reference to the Series 6 Certificate and the Series 8 Certificate.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 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; text-align: justify">On September 23, 2021, the Company issued a press release announcing
the conversion of the Series 6 Preferred Stock and the Series 8 Preferred Stock. A copy of this press release is filed herewith as Exhibit
99.1 and is incorporated herein by reference.</p>

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

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

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




<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 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>

<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: 7%; font-size: 10pt"><a href="tm2128282d1_ex3-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt; background-color: white">3.1</span></a></td>
    <td style="text-align: justify; width: 93%; font-size: 10pt"><a href="tm2128282d1_ex3-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate
    of Amendment to the Amended and Restated Certificate of Designation of Series 6 Convertible Preferred Stock of Stagwell Inc., dated
    September 23, 2021.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><a href="tm2128282d1_ex3-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt; background-color: white">3.2</span></a></td>
    <td style="text-align: justify; font-size: 10pt"><a href="tm2128282d1_ex3-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate
    of Amendment to the Certificate of Designation of Series 8 Convertible Preferred Stock of Stagwell Inc., dated September 23, 2021.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><a href="tm2128282d1_ex99-1.htm"><span style="font-size: 10pt; background-color: white">99.1</span></a></td>
    <td style="font-size: 10pt"><a href="tm2128282d1_ex99-1.htm"><span style="font-size: 10pt">Press Release of Stagwell Inc., dated September 23, 2021</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt; background-color: white">104</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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

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



<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; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: September 23, 2021</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td colspan="2" style="vertical-align: top">STAGWELL INC.</td></tr>
  <tr>
    <td style="width: 50%">&#160;</td>
    <td style="width: 3%">&#160;</td>
    <td style="width: 47%">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">By:</span></td>
    <td style="border-bottom: black 1pt solid; vertical-align: top; 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>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Frank
    Lanuto</span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Chief
    Financial Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>



<p style="margin: 0"></p>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm2128282d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SERIES 6 CONVERTIBLE PREFERRED STOCK</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Stagwell Inc., a corporation
organized under and existing under the laws of the State of Delaware (the &ldquo;Corporation&rdquo;), certifies as of this 23rd day of
September, 2021 that:</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">FIRST: The name of the Corporation
is Stagwell Inc. The Corporation was originally incorporated under the name &ldquo;MDC Stagwell Holdings Inc.&rdquo; The Corporation&rsquo;s
original Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on July 29, 2021. An Amended &amp;
Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on July 29, 2021. A Second Amended
 &amp; Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on August 2, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">SECOND: The Corporation&rsquo;s
Designation of Series 6 Convertible Preferred Stock was filed with the Secretary of State of the State of Delaware on July 29, 2021. An
Amended &amp; Restated Designation of Series 6 Convertible Preferred Stock was filed with the Secretary of State of the State of Delaware
on August 4, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIRD: The Board of Directors
of the Corporation, acting in accordance with the provision of Sections 141 and 242 of the Delaware General Corporation Law, adopted resolutions
to amend and restate the Amended and Restated Designation of Series 6 Convertible Preferred Stock to read in its entirety in the form
attached hereto as Exhibit 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-align: justify; text-indent: 1in">FOURTH: This Certificate of
Amendment to the Certificate of Designation of Series 6 Convertible Preferred Stock was submitted to the holders of Series 6 Convertible
Preferred Stock of the Corporation and was duly approved by the required vote of the holders of Series 6 Convertible Preferred Stock of
the Corporation acting by written consent in accordance with Sections 222 and 242 of the Delaware General Corporation Law.</P>

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

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

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF<B>, </B>the
Corporation has caused this Certificate of Amendment to the Designation of Series 6 Convertible Preferred Stock to be executed by a duly
authorized officer as of the date first written above:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">STAGWELL INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"> /s/ Frank Lanuto</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Frank Lanuto</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer</TD></TR>
  </TABLE>


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

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDED AND RESTATED</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>
STAGWELL INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION
1.&nbsp;&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 6 Convertible Preferred Stock&rdquo; (the &ldquo;<U>Series 6 Preferred Shares</U>&rdquo;), par
value $0.001 per share, 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 0in; text-indent: 0.5in">SECTION 2.&nbsp;&nbsp;&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;&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-align: justify; text-indent: 1.75in">(i)&nbsp;&nbsp;&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 (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-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">(ii)&nbsp;&nbsp;&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-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;&nbsp;<U>Additional
Dividends</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-align: justify; text-indent: 1.75in">(i)&nbsp;&nbsp;&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-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">(ii)&nbsp;&nbsp;&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-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;&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-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;&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-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;&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-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">(vi)&nbsp;&nbsp;&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-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">(vii)&nbsp;&nbsp;&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-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 2in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(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-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">(c)&nbsp;&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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-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 3.&nbsp;&nbsp;&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-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;&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;), any Class C Shares of the Corporation (&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, 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 (as defined below) 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-align: justify; text-indent: 1in">(b)&nbsp;&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 one year anniversary of the Series 6 Original Issuance Date through March 14, 2024, 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;),
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. For the avoidance of doubt, from and after
the Series 6 Original Issuance Date until the one year anniversary of the Series 6 Original Issuance Date, the Accretion Rate will be
0% per annum and the Base Liquidation Preference per Series 6 Convertible Preferred Share will not increase during such period.</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">(c)&nbsp;&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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-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;&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; text-indent: 1in">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; 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;&nbsp;Holders
of the Series 6 Preferred Shares shall not be entitled as such, except as required by law or as expressly set forth in this Certificate
of Designation, to receive notice of or to attend any meeting of the stockholders of the Corporation or to vote at any such meeting but
shall be entitled to receive notice of meetings of stockholders of the Corporation called for the purpose of authorizing the dissolution
of the Corporation or the sale of all or substantially all of its assets.</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;&nbsp;For so long as any
Series 6 Preferred Shares are outstanding, in addition to any vote or consent of stockholders required by applicable law or by the Certificate
of Incorporation, the Corporation shall not, and shall cause its subsidiaries not to, without the affirmative approval of the holders
of a majority of the Series 6 Preferred Shares (by vote or consent):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 1.75in">(i) effect, permit, approve,
ratify or validate (including, but not limited to, by merger or consolidation or otherwise by operation of law):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 2.25in">(A) an increase or decrease
of the maximum number of authorized Series 6 Preferred Shares, or an increase of the maximum number of authorized shares of a class or
series having rights or privileges equal or superior to the Series 6 Preferred Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(B) an exchange, replacement,
reclassification or cancellation of all or part of the Series 6 Preferred Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(C) an amendment, alteration,
change or repeal of any of the rights, privileges, preferences, powers, restrictions or conditions of the Series 6 Preferred Shares and,
without limiting the generality of the foregoing, (i) a repeal or change of the rights to accrued dividends or the rights to cumulative
dividends of the Series 6 Preferred Shares that is adverse, (ii) an amendment, alteration, repeal or change of redemption rights of the
Series 6 Preferred Shares that is adverse, (iii) a reduction or repeal of a dividend preference or a liquidation preference of the Series
6 Preferred Shares, or (iv) an amendment, alteration, repeal or change of conversion privileges, options, voting, transfer or pre-emptive
rights, or rights to acquire securities of a corporation, or sinking fund provisions of the Series 6 Preferred Shares that is adverse;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(D) an amendment, alteration
or change of the rights or privileges of any class or series of shares having rights or privileges equal or superior to the Series 6 Preferred
Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(E) the creation or authorization
of a new class or series of shares having rights or privileges equal or superior to the Series 6 Preferred Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(F) an exchange or the
creation of a right of exchange of all or part of the shares of another class or series into the Series 6 Preferred Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(G) any constraint on the
issuance, transferability or ownership of the Series 6 Preferred Shares or the change or removal of such constraint; or</P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(ii) effect, permit, approve,
ratify or validate any of the foregoing with respect to the Series 6 Preferred Units (as defined in the A&amp;R OpCo LLC Agreement) (including,
but not limited to by merger or consolidation or otherwise by operation of law) by voting any of the limited liability company interests
of Midas OpCo Holdings LLC issued to the Corporation 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-align: justify; text-indent: 1in">(c) 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 by the affirmative vote,
given in person or by proxy at any meeting called for such purpose, or by written consent, of the holders of at least a majority of the
Series 6 Preferred Shares issued and outstanding, voting as a separate class.</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 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 5.&nbsp;&nbsp;&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;&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-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at the Option of Holders of Series 6 Preferred Shares</U>. 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, 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-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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at the Option of the Corporation</U>. Subject to 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">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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-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;&nbsp;<U>Mechanics
of Conversion</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-align: justify; text-indent: 1.75in">(i)&nbsp;&nbsp;&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 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-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">(ii)&nbsp;&nbsp;&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-align: justify; text-indent: 1.75in">(iii)&nbsp;&nbsp;&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-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;&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-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">(f)&nbsp;&nbsp;&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-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;&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: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 2.5in">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(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: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 1.75in">(ii)&nbsp;&nbsp;&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-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(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: 2in">&nbsp;</P>

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

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<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-align: justify; text-indent: 2.25in">(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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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-align: justify; 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-align: justify; 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-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-align: justify; text-indent: 1.75in">(iii)&nbsp;&nbsp;&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-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(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: 2in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in">(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-align: justify; 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-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;&nbsp;&nbsp;<U>Disposition
Events</U>.</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; text-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 1.5in">&nbsp;</P>

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

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

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 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; text-align: justify; text-indent: 2.25in">(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&nbsp;
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;&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-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 2.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(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-align: justify; text-indent: 2in">&nbsp;</P>

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

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<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-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 2.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(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-align: justify; 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-align: justify; 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-align: justify; 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; 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-align: justify; text-indent: 2.5in">(7)&nbsp;&nbsp;&nbsp;Class
A Equivalents issued in exchange for the redemption of Series 4 Preferred Shares of the Corporation or Series 5 Preferred Shares of the
Corporation as contemplated by that certain letter agreement by and among Broad Street Principal Investments L.L.C., an affiliate of Goldman
Sachs, Stonebridge 2017, L.P., Stonebridge 2017 Offshore L.P. and MDC Partners Inc., dated as of April 21, 2021, as it may be amended,
modified or restated from time to time in accordance with its terms (the &ldquo;<U>Letter Agreement</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-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">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">(vi)&nbsp;&nbsp;&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-align: justify; text-indent: 1.75in">(vii)&nbsp;&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 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-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 2in"></P>

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<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-align: justify; text-indent: 2.25in">(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-align: justify; text-indent: 1.75in">(viii)&nbsp;&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-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">(ix)&nbsp;&nbsp;&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-align: justify; text-indent: 1.75in">(x)&nbsp;&nbsp;&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">(xi)&nbsp;&nbsp;&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-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-align: justify; text-indent: 1.75in">(xii)&nbsp;&nbsp;&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-align: justify; text-indent: 1.75in">(xiii)&nbsp;&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>

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

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




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<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">(h)&nbsp;&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">SECTION 7.&nbsp;&nbsp;&nbsp;&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;&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-align: justify; text-indent: 1.75in">(i)&nbsp;&nbsp;&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-align: justify; text-indent: 1.75in">(ii)&nbsp;&nbsp;&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;&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-align: justify; text-indent: 1.75in">(i)&nbsp;&nbsp;&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-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">(ii)&nbsp;&nbsp;&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-align: justify; text-indent: 1.75in">(iii)&nbsp;&nbsp;&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;&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">(a)&nbsp;&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-align: justify; text-indent: 1in">(b)&nbsp;&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-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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-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">(d)&nbsp;&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 the event 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;&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-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>A&amp;R
OpCo LLC Agreement</U>&rdquo; means the Amended and Restated Limited Liability Company Agreement of Midas OpCo Holdings LLC, dated as
of August 2, 2021, by and among Midas OpCo Holdings LLC (&ldquo;<U>OpCo</U>&rdquo;) 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.</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;&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-align: justify; text-indent: 1in">(c)&nbsp;&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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Alternative
Preference Shares</U>&rdquo; means the Series 7 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-align: justify; text-indent: 1in">(e)&nbsp;&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 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-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">(f)&nbsp;&nbsp;&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-align: justify; text-indent: 1in">(g)&nbsp;&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-align: justify; text-indent: 1in">(h) &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 (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-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&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 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-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Common
Unit</U>&rdquo; means a unit representing limited liability company interests in OpCo and constituting a &ldquo;Common Unit&rdquo; as
defined in the A&amp;R OpCo Operating Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 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;&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-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&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, including for the avoidance of doubt, but not limited to, the Common Units and
the Class C Shares which are exchangeable for Class A Shares subject to the terms and conditions of the A&amp;R OpCo LLC 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-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Corporation</U>&rdquo;
means Stagwell 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-align: justify; text-indent: 1in">(n)&nbsp;&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"></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">(o) &nbsp;&nbsp;&nbsp;&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-align: justify; text-indent: 1in">(p)&nbsp;&nbsp;&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">(q)&nbsp;&nbsp;&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-align: justify; text-indent: 1in">(r)&nbsp;&nbsp;&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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)&nbsp;&nbsp;&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-align: justify; text-indent: 1in">(t)&nbsp;&nbsp;&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-align: justify; text-indent: 1in">(u)&nbsp;&nbsp;&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-align: justify; text-indent: 1.5in">(i)&nbsp;&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-align: justify; text-indent: 1.5in">(ii)&nbsp;&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-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">(v)&nbsp;&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-align: justify; text-indent: 1.5in">(i)&nbsp;&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 or Stagwell and its Permitted Transferees (as such term is defined in the A&amp;R OpCo LLC
Agreement), 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-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Corporation or OpCo amalgamates, consolidates with or merges with or into another person (other than through a Permitted Transaction),
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, with respect to OpCo, the Corporation) or any person (other than a Subsidiary
of the Corporation or, with respect to OpCo, the Corporation) consolidates with, amalgamates or merges with or into the Corporation or
OpCo (other than through a Permitted 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">(w)&nbsp;&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-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&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">(y)&nbsp;&nbsp;&nbsp;&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">(z)&nbsp;&nbsp;&nbsp;&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-align: justify; text-indent: 1in">(aa)&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">(bb)&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">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Original
Purchase Price</U>&rdquo; means $1,208.67 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-align: justify; text-indent: 1in">(dd)&nbsp;&nbsp;&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 Preferred Shares of the
Corporation, the Series 5 Preferred Shares of the Corporation, the Alternative Shares and, upon and subject to their issuance as
contemplated by the Letter Agreement, the Series 8 Preferred Shares and Series 9 Preferred Shares of the Corporation 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-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">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Permitted
Transactions</U>&rdquo; means an amalgamation, consolidation or merger (1) of the Corporation with or into a Subsidiary of the Corporation
(including OpCo), (2) of a Subsidiary of the Corporation (including OpCo) with or into the Corporation, (3) of the Corporation with or
into a person of which the Corporation is a Subsidiary, or of such person with or into the Corporation, or (4) in which (A) all of the
persons that beneficially own the Voting Stock of the Corporation immediately prior to the transaction and Permitted Transferees (as such
term is defined in the A&amp;R OpCo LLC Agreement) 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 or (B) with respect to OpCo, if persons
that beneficially own the equity interests of OpCo immediately prior to the transaction and Permitted Transferees (as defined in the A&amp;R
OpCo LLC Agreement) own, directly or indirectly, a majority of the equity interests of OpCo immediately after the transaction in substantially
the same proportion as their ownership of OpCo&rsquo;s equity interests immediately prior to the transaction, in each case of the foregoing
items (1) through (4) which does not result in any of the following:</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: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
of the items set forth in SECTION 3(b) with respect to which the approval of the holders of Series 6 Preferred Shares is required;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
conversion of the Series 6 Preferred Shares into cash, stock or other property, or the right to receive cash, stock or property, or some
combination thereof; other than conversion, in a transaction as described in clause (dd)(4) above, of the Series 6 Preferred Shares into
a series of preferred shares having the same rights, preferences and privileges as the Series 6 Preferred Shares; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
cancellation of such Series 6 Preferred Shares.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(gg)&nbsp;&nbsp;&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"></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">(hh)&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-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&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 MDC Partners Inc.
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">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&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">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Series
6 Original Issuance Date</U>&rdquo; means August 4, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ll)&nbsp;&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 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-align: justify; text-indent: 1in">(mm)&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-align: justify; text-indent: 1in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Stagwell</U>&rdquo;
means Stagwell Media LP, a Delaware limited partnership.</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">(nn)&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-align: justify; text-indent: 1in">(oo)&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-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">(pp)&nbsp;&nbsp;&nbsp;&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-align: justify; text-indent: 1in">(qq)&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-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse; margin-left: 0.5in">
  <TR>
    <TD STYLE="width: 55%; border-bottom: black 1pt solid"><B>Term</B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: black 1pt solid"><B>Section</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Accretion Rate</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Additional Class A Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(v)(B)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Additional Dividends</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 2(b)(i)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Aggregate Amount</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Base Liquidation Preference</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Class A Equivalents</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(v)(B)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Class A Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Class A Shares Outstanding</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(ii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Class B Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Class C Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Conversion Amount</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Conversion Date</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Conversion Price</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Disposition Event</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iv)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Dividends</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 2(b)(i)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Expiration Date</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Expiration Time</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iii)(A)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Letter Agreement</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(v)(B)(7)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Liquidation Preference</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Participating Dividends</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 2(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Purchased Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>qualifying consideration</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 9(ee)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Quarterly Compounding Date</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Redemption Date</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 7(a)(i)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Redemption Notice</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 7(a)(ii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Redemption Price</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 7(a)(i)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Reference Property</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iv)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Rights Trigger</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(xii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Series 6 Preferred Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Special Conversion Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 8(c)</TD></TR>
  </TABLE>
<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 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-align: justify; text-indent: 0.45in">SECTION 10.&nbsp;&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-align: justify; text-indent: 1in">(a)&nbsp;&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-align: justify; text-indent: 1in">(b)&nbsp;&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-align: justify; text-indent: 1in">(c)&nbsp;&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 this Designation and 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-align: justify; text-indent: 1in">(d)&nbsp;&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-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>tm2128282d1_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0">Exhibit 3.2</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SERIES 8 CONVERTIBLE PREFERRED STOCK</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Stagwell Inc., a corporation
organized under and existing under the laws of the State of Delaware (the &ldquo;Corporation&rdquo;), certifies as of this 23rd day of
September, 2021 that:</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">FIRST: The name of the Corporation
is Stagwell Inc. The Corporation was originally incorporated under the name &ldquo;MDC Stagwell Holdings Inc.&rdquo; The Corporation&rsquo;s
original Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on July 29, 2021. An Amended &amp;
Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on July 29, 2021. A Second Amended
 &amp; Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on August 2, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">SECOND: The Corporation&rsquo;s
Designation of Series 8 Convertible Preferred Stock was filed with the Secretary of State of the State of Delaware on August 2, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIRD: The Board of Directors
of the Corporation, acting in accordance with the provision of Sections 141 and 242 of the Delaware General Corporation Law, adopted resolutions
to amend and restate the Designation of Series 8 Convertible Preferred Stock to read in its entirety in the form attached hereto as Exhibit
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-align: justify; text-indent: 1in">FOURTH: This Certificate of
Amendment to the Certificate of Designation of Series 8 Convertible Preferred Stock was submitted to the holders of Series 8 Convertible
Preferred Stock of the Corporation and was duly approved by the required vote of the holders of Series 8 Convertible Preferred Stock of
the Corporation acting by written consent in accordance with Sections 222 and 242 of the Delaware General Corporation Law.</P>

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

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

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF<B>, </B>the
Corporation has caused this Certificate of Amendment to the Designation of Series 8 Convertible Preferred Stock to be executed by a duly
authorized officer as of the date first written above:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">STAGWELL INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"> /s/ Frank Lanuto</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Frank Lanuto</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer</TD></TR>
  </TABLE>


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

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

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




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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SERIES 8 CONVERTIBLE PREFERRED SHARES</B></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Stagwell Inc., a corporation organized and existing
under the laws of the State of Delaware (the &ldquo;Corporation&rdquo;), DOES HEREBY CERTIFY:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Certificate of Incorporation of the
Corporation (as may be amended, restated, supplemented or otherwise modified from time to time, the &ldquo;Certificate of Incorporation&rdquo;)
authorizes the issuance of up to Two Hundred Million (200,000,000) shares of preferred stock, par value $0.001 per share, of the Corporation
(&ldquo;<U>Preferred Stock</U>&rdquo;) in one or more series, and expressly authorizes the Board of Directors of the Corporation (the
 &ldquo;<U>Board</U>&rdquo;), subject to limitations prescribed by applicable law, to authorize, out of the unissued shares of Preferred
Stock, a series of Preferred Stock, and, with respect to each such series, to fix the voting powers, designations, preferences and relative,
participating, optional or other special rights, and qualifications, limitations or restrictions of the shares of such series of Preferred
Stock; and</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, pursuant to authority conferred by the
Certificate of Incorporation and by the provision of Section 151 of the General Corporation Law of the State of Delaware, the Board duly
adopted the following resolutions on August 4, 2021, which resolutions remain in effect on the date hereof, creating a series of ninety-five
thousand (95,000) shares of Preferred Stock designated as Series 8 Convertible Preferred Stock of the Corporation, and establishing the
voting powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations or
restrictions thereof:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESOLVED, that pursuant to the authority conferred
upon the Board by the Certificate of Incorporation and by the provisions of Section 151 of the General Corporation Law of the State of
Delaware, the Board does hereby create, authorize and provide for the issuance of a series of preferred stock of the Corporation, designated
as Series 8 Convertible Preferred Stock in the number and having the designations, preferences, qualifications, limitations, restrictions
and relative and other rights, including voting rights, set forth below:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 1. <U>Designation and Amount</U>.
The shares of such series shall be designated as &ldquo;Series 8 Convertible Preferred Stock&rdquo; (the &ldquo;<U>Series 8 Convertible
Preferred Stock</U>&rdquo;) and the number of shares constituting such series shall be ninety-five thousand (95,000).</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 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) <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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i) Each holder of issued and outstanding shares
of Series 8 Convertible Preferred Stock (the &ldquo;<U>Series 8 Convertible Preferred Shares</U>&rdquo;) 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 8 Convertible
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 shares of Class A Common Stock 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 8
Convertible Preferred Shares could be converted on the applicable record date for such dividends or other distribution on the Class A
Shares (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 8 Convertible 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 8 Convertible Preferred Shares as a result
of this proviso shall not be deemed to be Participating Dividends).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii) 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 8 Convertible Preferred Shares on the record date for the corresponding dividend or distribution on the
Class A Shares.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i) Following the occurrence of a Specified Event,
each holder of issued and outstanding Series 8 Convertible 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 8 Convertible 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 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iv) Additional Dividends that are declared
and payable on a Dividend Payment Date will be paid to the holders of record of Series 8 Convertible 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 8
Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(vi) After a Specified Event has occurred and
while any Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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: 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&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 8 Convertible Preferred Shares to be redeemed
or converted, by electronic funds transfer or by sending to each holder of Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;Holders of the Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;Upon any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation, each Series 8 Convertible 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 shares of Class B Common Stock of the Corporation (the &ldquo;<U>Class B
Shares</U>&rdquo;) or any shares of Class C Common Stock of the Corporation (the &ldquo;<U>Class C Shares</U>&rdquo;) or any other
shares ranking junior as to capital to the Series 8 Convertible Preferred Shares, an amount per Series 8 Convertible 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 2(b)) plus any accrued but unpaid Dividends
with respect thereto, and (ii) an amount equal to the amount the holders of the Series 8 Convertible Preferred Shares would have
received per Series 8 Convertible Preferred Share upon liquidation, dissolution or winding up of the Corporation had such holders
converted their Series 8 Convertible Preferred Shares into Class A Shares immediately prior thereto, 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 Certificate of 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 8 Convertible
Preferred Shares shall have the right to convert its Series 8 Convertible 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 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"></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;The &ldquo;<U>Base Liquidation Preference</U>&rdquo;
per Series 8 Convertible Preferred Share shall initially be equal to the Original Purchase Price. From and after the one year anniversary
of the Series 8 Original Issuance Date through March 14, 2024, the Base Liquidation Preference of each Series 8 Convertible 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 6.0% per annum
(the &ldquo;<U>Accretion Rate</U>&rdquo;) of the then-applicable Base Liquidation Preference, the amount of which increase shall compound
quarterly each March 31, June 30, September 30 and December 31 (each, a &ldquo;<U>Quarterly Compounding Date</U>&rdquo;), following which
the Accretion Rate will decrease to 0% per annum and the Base Liquidation Preference per Series 8 Convertible 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 8 Convertible Preferred Shares. For the avoidance of doubt, from and
after the Series 8 Original Issuance Date until the one year anniversary of the Series 8 Original Issuance Date, the Accretion Rate will
be 0% per annum and the Base Liquidation Preference per Series 8 Convertible Preferred Share will not increase during such period.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;After payment to the holders of the Series
8 Convertible Preferred Shares of the full Liquidation Preference to which they are entitled, the Series 8 Convertible Preferred Shares
as such will have no right or claim to any of the assets of the Corporation.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;The value of any property not consisting
of cash that is distributed by the Corporation to the holders of the Series 8 Convertible Preferred Shares will equal the Fair Market
Value thereof on the date of distribution.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 4. <U>Voting Rights</U>.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;Holders of the Series 8 Convertible
Preferred Shares shall not be entitled as such, except as required by law or as expressly set forth in this Certificate of
Designation, to receive notice of or to attend any meeting of the stockholders of the Corporation or to vote at any such meeting but
shall be entitled to receive notice of meetings of stockholders of the Corporation called for the purpose of authorizing the
dissolution of the Corporation or the sale of all or substantially all of its assets.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;For so long as any Series 8 Convertible
Preferred Shares are outstanding, in addition to any vote or consent of stockholders required by applicable law or by the Certificate
of Incorporation, the Corporation shall not, and shall cause its subsidiaries not to, without the affirmative approval of the holders
of a majority of the Series 8 Convertible Preferred Shares (by vote or consent):</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i) effect, permit, approve, ratify or validate
(including, but not limited to, by merger or consolidation or otherwise by operation of law):</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(A) an increase or decrease of the maximum number
of authorized Series 8 Convertible Preferred Shares, or an increase of the maximum number of authorized shares of a class or series having
rights or privileges equal or superior to the Series 8 Convertible Preferred Shares;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(B) an exchange, replacement, reclassification
or cancellation of all or part of the Series 8 Convertible Preferred Shares;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(C) an amendment, alteration, change or repeal
of any of the rights, privileges, preferences, powers, restrictions or conditions of the Series 8 Convertible Preferred Stock and, without
limiting the generality of the foregoing, (i) a repeal or change of the rights to accrued dividends or the rights to cumulative dividends
of the Series 8 Convertible Preferred Stock that is adverse, (ii) an amendment, alteration, repeal or change of redemption rights of the
Series 8 Convertible Preferred Stock that is adverse, (iii) a reduction or repeal of a dividend preference or a liquidation preference
of the Series 8 Convertible Preferred Stock, or (iv) an amendment, alteration, repeal or change of conversion privileges, options, voting,
transfer or pre-emptive rights, or rights to acquire securities of a corporation, or sinking fund provisions of the Series 8 Convertible
Preferred Stock that is adverse;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(D) an amendment, alteration or change of the
rights or privileges of any class or series of shares having rights or privileges equal or superior to the Series 8 Convertible Preferred
Shares;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(E) the creation or authorization of a new class
or series of shares having rights or privileges equal or superior to the Series 8 Convertible Preferred Shares;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(F) an exchange or the creation of a right of
exchange of all or part of the shares of another class or series into the Series 8 Convertible Preferred Shares;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(G) any constraint on the issuance, transferability
or ownership of the Series 8 Convertible Preferred Shares or the change or removal of such constraint; or</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 159.85pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(ii) effect, permit, approve, ratify or
validate any of the foregoing with respect to the Series 8 Preferred Units (as defined in the A&amp;R OpCo LLC Agreement)
(including, but not limited to by merger or consolidation or otherwise by operation of law) by voting any of the limited liability
company interests of Midas OpCo Holdings LLC issued to the Corporation 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"></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) The approval of the holders of the Series 8 Convertible
Preferred Shares with respect to any and all matters referred to in this Certificate of Designation may be given by the affirmative vote,
given in person or by proxy at any meeting called for such purpose, or by written consent, of the holders of at least a majority of the
Series 8 Convertible Preferred Shares issued and outstanding, voting as a separate class.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 5. <U>Purchase for Cancellation</U>.
Subject the approval of the holders of the Series 8 Convertible Preferred Shares and applicable law, the Corporation may at any time or
times purchase (if obtainable) for cancellation all or any part of the Series 8 Convertible Preferred Shares outstanding from time to
time: (a) through the facilities of any Exchange or market on which the Series 8 Convertible Preferred Shares are listed, (b) by invitation
for tenders addressed to all the holders of record of the Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Series 8 Convertible Preferred Share is convertible
into Class A Shares as provided in this SECTION 6.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;<U>Conversion at the Option of Holders of
Series 8 Convertible Preferred Shares</U>. Each holder of Series 8 Convertible Preferred Shares is entitled to convert, in whole at any
time and from time to time, or in part at any time and from time to time after the date hereof, 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 8 Convertible 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 8 Convertible 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 8 Convertible Preferred Shares into Class A Shares, the holder must surrender
the certificates representing such Series 8 Convertible 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 8 Convertible 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 , 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">&nbsp;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;<U>Conversion at the Option of the Corporation</U>.
Subject to 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 8 Convertible 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 8 Convertible 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 7, 2022, such notice may be delivered by the Corporation (and such Series 8 Convertible 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 7, 2022, such notice may be delivered by the Corporation
(and such Series 8 Convertible 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 8 Convertible Preferred Shares.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, the holders of Series 8 Convertible
Preferred Shares shall continue to have the right to convert their Series 8 Convertible Preferred Shares pursuant to SECTION 6(a) until
and through the Conversion Date contemplated in this SECTION 6(c) and if such Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;<U>Fractional Shares</U>. No fractional
Class A Shares will be issued upon conversion of the Series 8 Convertible 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 8 Convertible Preferred
Shares. If more than one Series 8 Convertible 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 8 Convertible
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;<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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&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 8 Convertible Preferred Shares and (B)
pay to such holder, to the extent of funds legally available therefor, all declared and unpaid Dividends on the Series 8 Convertible 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 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 8 Convertible
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 8 Convertible 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
8 Convertible Preferred Shares not converted other than any such tax due because Class A Shares or a certificate for Series 8 Convertible
Preferred Shares are issued in a name other than the name of the converting holder.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii) From and after the Conversion Date, the Series
8 Convertible 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 8 Convertible 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 Convertible Preferred Share is not converted, such Series 8 Convertible Preferred
Share will remain outstanding and will be entitled to all of the rights as provided herein.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iii) If the conversion is in connection with
any sale, transfer or other disposition of the Class A Shares issuable upon conversion of the Series 8 Convertible Preferred Shares, the
conversion may, at the option of any holder tendering any Series 8 Convertible 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 8 Convertible Preferred Shares with
the underwriter, transferee or other acquirer in such sale, transfer or disposition, in which event such conversion of such Series 8 Convertible
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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iv) All Class A Shares issued upon conversion
of the Series 8 Convertible Preferred Shares will, upon issuance by the Corporation, be duly and validly issued, fully paid and nonassessable.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;<U>Adjustment for Change In Share Capital</U>.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(A)&nbsp;If the Corporation shall, at any time
and from time to time while any Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;&nbsp;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(B)&nbsp;If the Corporation shall, at any time
or from time to time while any of the Series 8 Convertible 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 8 Convertible 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-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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii) <U>Adjustment for Rights Issue</U>. If the
Corporation shall, at any time or from time to time, while any Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="text-align: justify; 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 8 Convertible Preferred Shares; and</P>

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iii) <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 8
Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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, but not limited to, 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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: 0.5in">&nbsp;</P>

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(A)&nbsp;If any of the following events (any
such event, a &ldquo;<U>Disposition Event</U>&rdquo;) occurs:</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 8 Convertible 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 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.75in">(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 8 Convertible 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: 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">(v) <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-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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 8 Original
Issuance Date while the Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(1) 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">(2) 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; 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 8 Original Issuance Date, <U>provided</U> that Additional Class A Shares
will not include any of the following:</P>

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

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

<P STYLE="text-align: justify; 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 8 Convertible Preferred Shares or Series 9 Alternative Preference Shares or pursuant to the terms
of any other Convertible Security issued and outstanding on the Series 8 Original Issuance Date;</P>

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

<P STYLE="text-align: justify; 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 8 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, but not limited to, 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-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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

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

<P STYLE="text-align: justify; 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 8 Convertible Preferred Shares purchased securities pursuant
to Section 4.11 of the Securities Purchase Agreement or otherwise.</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(A)&nbsp;for a transaction referred to in SECTION
6(f)(i) or SECTION 6(f)(ii) if the Series 8 Convertible 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 8 Convertible Preferred Shares, at such time, held a number of Class A Shares equal to the Conversion
Amount at such time;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25in">(C)&nbsp;for any event otherwise requiring an
adjustment under this SECTION 6 if such event is not consummated.</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ix) <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 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xii) <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 8 Convertible
Preferred Shares.&nbsp; If any such right, option or warrant, including, but not limited to, any such existing rights, options or
warrants distributed prior to the Series 8 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 8 Convertible
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-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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xiii) Notwithstanding anything herein to the
contrary, any adjustment of the Conversion Price or entitlement to acquire Class A Shares pursuant to this Certificate of Designation
shall be subject to the rules of the Exchange to the extent required to comply with such rules. If after the Series 8 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 Certificate of Designation, the rights of the holders of the Series 8 Convertible Preferred Shares set forth in this
Certificate of 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(xiv) Notwithstanding anything to the contrary
in this Certificate of Designation, if an adjustment to the Conversion Price becomes effective on any Ex-Dividend Date as described herein,
and a holder of Series 8 Convertible 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 8 Convertible Preferred Shares. Instead, the holder of such converted
Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then the Corporation shall file with its corporate records and mail
to the holders of the Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.75in">(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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.75in">(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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&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 8 Convertible 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 8 Convertible
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 8 Convertible Preferred Shares.</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 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 7. <U>Redemption</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;<U>Redemption at the Option of the Corporation</U>.</P>

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




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&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 8 Convertible Preferred Shares then outstanding at a price (the &ldquo;<U>Redemption Price</U>&rdquo;)
per Series 8 Convertible Preferred Share equal to the greater of (i) the Base Liquidation Preference per such Series 8 Convertible Preferred
Share plus all accrued and unpaid dividends thereon and (ii) an amount equal to the amount the holder of such Series 8 Convertible Preferred
Shares would have received in respect of such Series 8 Convertible Preferred Share had such holder converted such Series 8 Convertible
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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii) If the Corporation elects to redeem the Series
8 Convertible 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 8 Convertible 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 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(i)&nbsp;On the Redemption Date, the Corporation
shall pay the applicable Redemption Price, upon surrender of the certificates representing the Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(ii) Series 8 Convertible 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 8 Convertible 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 8 Convertible 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 8 Convertible
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"></P>

<!-- Field: Page; Sequence: 22 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">(iii) Notwithstanding anything in this SECTION
7 to the contrary, each holder shall retain the right to convert Series 8 Convertible Preferred Shares to be redeemed at any time on or
prior to the Redemption Date; <U>provided</U>, <U>however</U>, that any Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 8. <U>Antitrust and Conversion
Into Series 9 Alternative Preference Shares</U>.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&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 8 Convertible
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 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;With respect to any holder of Series 8 Convertible
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 8 Convertible Preferred Shares as to whom the relevant provisions of the following sentence are applicable may,
at such holder&rsquo;s option, convert Series 8 Convertible 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 Series
9 Alternative Preference Shares to the extent necessary to address the conditions described in SECTION 8(c).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;If any holder of Series 8 Convertible Preferred
Shares other than the Investor or any Permitted Transferee would not be permitted to convert one more of its Beneficially Owned Series
8 Convertible 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 each Special Conversion Share of such holder shall be converted into a number of
Series 9 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"></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;As soon as practicable (and in any
event within three (3) Business Days) after receipt of notice of the event described in SECTION 8(c), which notice shall include the
amount of Series 9 Alternative Preference Shares to which such holder is entitled and the basis for such conversion into Series 9
Alternative Preference Shares, the Corporation shall (i) issue and deliver to such holder a certificate for the number of Series 9
Alternative Preference Shares, if any, to which such holder is entitled in exchange for the certificates formerly representing the
Series 8 Convertible Preferred Shares and (ii) pay to such holder, to the extent of funds legally available therefor, all declared
and unpaid Dividends on the Series 8 Convertible Preferred Shares that are being converted into Series 9 Alternative Preference
Shares. Such conversion will be deemed to have been made on the Conversion Date, and the person entitled to receive the Series 9
Alternative Preference Shares issuable upon such conversion shall be treated for all purposes as the record holder of such Series 9
Alternative Preference Shares on such Conversion Date. In case fewer than all of the Series 8 Convertible Preferred Shares
represented by any such certificate are to be converted into Series 9 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 Series 9 Alternative Preference Shares or Series 8 Convertible 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 Series 9 Alternative Preference Shares upon conversion or due upon the issuance of a new
certificate for any Series 8 Convertible Preferred Shares not converted other than any such tax due because Series 9 Alternative
Preference Shares or a certificate for Series 8 Convertible Preferred Shares are issued in a name other than the name of the
converting holder.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>A&amp;R OpCo LLC Agreement</U>&rdquo; means
the Amended and Restated Limited Liability Company Agreement of Midas OpCo Holdings LLC, dated as of August 2, 2021, by and among Midas
OpCo Holdings LLC (&ldquo;<U>OpCo</U>&rdquo;) 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. &#9;</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&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 8 Convertible 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"></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">&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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Certificate of Designation</U>&rdquo; means
the Certificate of Designation creating the Series 8 Convertible Preferred Stock.</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Common Unit</U>&rdquo; means a unit representing
limited liability company interests in Midas OpCo Holdings LLC and constituting a &ldquo;Common Unit&rdquo; as defined in the A&amp;R
OpCo LLC Agreement.&#9;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&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, including for the avoidance of doubt, but not limited to, the Common Units and the Class C Shares
which are exchangeable for Class A Shares subject to the terms and conditions of the A&amp;R OpCo LLC Agreement.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Corporation</U>&rdquo; means Stagwell Inc.,
a Delaware corporation.</P>

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

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

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




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&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 8 Convertible 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 8 Convertible Preferred Shares on such Dividend Date shall instead be payable on) the immediately succeeding Business
Day.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.15in">&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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.15in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
 &ldquo;person&rdquo; or &ldquo;group&rdquo;, other than the Corporation, its Subsidiaries, any employee benefits plan of the
Corporation or its Subsidiaries or Stagwell and its Permitted Transferees (as such term is defined in the A&amp;R OpCo LLC
Agreement), 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;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Corporation or OpCo amalgamates, consolidates with or merges with or into another person (other than through a Permitted Transaction),
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, with respect to OpCo, the Corporation) or any person amalgamates, consolidates
with or merges with or into the Corporation or OpCo (other than through a Permitted Transaction);</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any transaction consummated by Stagwell which would qualify the Corporation for being deregistered under Section 12(b) and Section
15(d) of the Exchange Act, or which would result in Stagwell owning, directly or indirectly, 100% of the outstanding common equity interests
of the Corporation; and</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any transactions similar to those described in clause (iii) that materially and adversely impacts the liquidity of the Class A
Shares as compared to the liquidity of the Class A Shares as of the date hereof.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">&nbsp;</P>

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&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 8 Convertible 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"></P>

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




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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Original Purchase Price</U>&rdquo; means
$1,418.35 per Convertible Preferred Share.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&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 8 Convertible Preferred Shares with respect to dividend rights or rights upon liquidation, dissolution or winding up of
the Corporation.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Permitted Transactions</U>&rdquo; means
an amalgamation, consolidation or merger (1) of the Corporation with or into a Subsidiary of the Corporation (including OpCo), (2) of
a Subsidiary of the Corporation (including OpCo) with or into the Corporation, (3) of the Corporation with or into a person of which the
Corporation is a Subsidiary, or of such person with or into the Corporation, or (4) in which (A) all of the persons that beneficially
own the Voting Stock of the Corporation immediately prior to the transaction and Permitted Transferees (as such term is defined in the
A&amp;R OpCo LLC Agreement) 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 or (B) with respect to OpCo, if persons that beneficially own the
equity interests of OpCo immediately prior to the transaction and Permitted Transferees (as defined in the A&amp;R OpCo LLC Agreement)
own, directly or indirectly, a majority of the equity interests of OpCo immediately after the transaction in substantially the same proportion
as their ownership of OpCo&rsquo;s equity interests immediately prior to the transaction, in each case of the foregoing items (1) through
(4) which does not result in any of the following:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any of the items set forth in Section 4(b) with respect to which the approval of the holders of Series 8 Convertible Preferred
Shares is required;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the conversion of the Series 8 Convertible Preferred Shares into cash, stock or other property, or the right to receive cash, stock
or property, or some combination thereof; other than conversion, in a transaction as described in clause (dd)(4) above, of the Series
8 Convertible Preferred Shares into a series of preferred shares having the same rights, preferences and privileges as the Series 8 Convertible
Preferred Shares; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">&nbsp;</P>




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
cancellation of such Series 8 Convertible Preferred Shares.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Permitted Transferee</U>&rdquo; means any
holder of Series 8 Convertible Preferred Shares who received such Series 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Qualifying Transaction</U>&rdquo; means
a Fundamental Change</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>with regard to which the holder of Series 8 Convertible Preferred Shares is entitled to receive, directly or indirectly, in respect
of its Series 8 Convertible Preferred Shares, in connection with the consummation of such transaction (including, but not limited to,
pursuant to the conversion of the Series 8 Convertible Preferred Shares (without regard to limitations or restrictions on conversion)
or the purchase or exchange of such Series 8 Convertible 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 8 Convertible Preferred Share that is at least equal to the Base
Liquidation Preference of such Series 8 Convertible 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</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>that is otherwise consented to by the holders of two-thirds of the outstanding Series 8 Convertible Preferred Shares.</P>

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

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

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

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




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&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 8 Convertible Preferred Shares with respect to dividend rights or rights upon liquidation, dissolution or winding up of
the Corporation.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Series 8 Original Issuance Date</U>&rdquo;
means August 4, 2021.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Series 9 Alternative Preference Shares</U>&rdquo;
means the Series 9 Convertible Preferred Shares authorized by the Corporation concurrently with the Series 8 Convertible Preferred Shares.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Stagwell</U>&rdquo; means Stagwell Media
LP, a Delaware limited partnership.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse; margin-left: 0.5in">
  <TR>
    <TD STYLE="width: 55%; border-bottom: black 1pt solid">&nbsp;<B>Term</B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: black 1pt solid"><B>Section</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Accretion Rate</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Additional Class A Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(v)(B)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Additional Dividends</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 2(b)(i)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Aggregate Amount</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Base Liquidation Preference</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Class A Equivalents</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(v)(B)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Class A Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Class A Shares Outstanding</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(ii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Class B Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Class C Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Conversion Amount</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Conversion Date</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Conversion Price</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Series 8 Convertible Preferred Shares</TD>
    <TD>&nbsp;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Disposition Event</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iv)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Dividends</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 2(b)(i)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Expiration Date</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Expiration Time</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iii)(A)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Liquidation Preference</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Participating Dividends</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 2(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Preference Shares</TD>
    <TD>&nbsp;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Purchased Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>qualifying consideration</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 9(gg)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Quarterly Compounding Date</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 3(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Redemption Date</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 7(a)(i)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Redemption Notice</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 7(a)(ii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Redemption Price</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 7(a)(i)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Reference Property</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(iv)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Rights Trigger</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 6(f)(xii)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Special Conversion Shares</TD>
    <TD>&nbsp;</TD>
    <TD>SECTION 8(c)</TD></TR>
  </TABLE>
<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 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">SECTION 10. <U>Miscellaneous</U>. For
purposes of this Certificate of Designation, the following provisions shall apply:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;<U>Withholding Tax</U>.
Notwithstanding any other provision of this Certificate of 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 Certificate of 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 Certificate of 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 Certificate of 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 8 Convertible Preferred Shares pursuant to this Certificate of 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 8 Convertible Preferred Shares shall be responsible for all withholding taxes under
the Internal Revenue Code of 1986 (the &ldquo;Tax Code&rdquo;) in respect of any payment, distribution, issuance or delivery made or
credited to them pursuant to this Certificate of 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 under the Tax Code for any such taxes
imposed on any payment, distribution, issuance or delivery made or credited to them pursuant to this Certificate of Designation.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;<U>Wire or Electronic Transfer of Funds</U>.
Notwithstanding any other right, privilege, restriction or condition attaching to the Series 8 Convertible Preferred Shares, the Corporation
may, at its option, make any payment due to registered holders of Series 8 Convertible 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 8 Convertible Preferred Shares at their respective addresses appearing on the books of the Corporation.
Such notice shall request that each applicable registered holder of Series 8 Convertible 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 8 Convertible 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;<U>Amendments</U>. The terms of the Series
8 Convertible Preferred Shares may be altered, modified, amended, supplemented or repealed with such approval as may then be required
by this Certificate of Designation and the General Corporation Law of the State of Delaware.</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>tm2128282d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2128282d1_ex99-1img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U></U></B></FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR:</B></FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stagwell Inc.</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONTACT:</B></FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michaela Pewarski</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One World Trade Center, Fl. 65</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stagwell Inc.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY 10007</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">646-429-1812</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IR@stagwellglobal.com</FONT></TD>
    </TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STAGWELL (NASDAQ: STGW) ANNOUNCES CONVERSION
OF SERIES 6 AND SERIES 8 PREFERRED STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>NEW YORK, NY September 23, 2021 &ndash;&nbsp;</B></FONT>Stagwell
Inc. (Nasdaq: STGW) today announced the Company elected to convert all outstanding shares of its Series 6 Convertible Preferred Stock,
par value $0.001 per share (the &ldquo;Series 6 Preferred Stock&rdquo;) and its Series 8 Convertible Preferred Stock, par value $0.001
per share (the &ldquo;Series 8 Preferred Stock&rdquo;). A Notice of Conversion was provided to each holder of record of the Company&rsquo;s
Series 6 and Series 8 Preferred Stock on September 23, 2021. The conversion will take place and be effective on October 7, 2021 (the &ldquo;Conversion
Date&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">Pursuant to the Series 6 Notice, all 50,000 outstanding shares of Series
6 Preferred Stock will be converted into 12,086,700 shares of the Company&rsquo;s Class A Common Stock, par value $0.001 per share (the
 &ldquo;Class A Common Stock&rdquo;), on the Conversion Date. Pursuant to the Series 8 Notice, all 73,849 outstanding shares of Series
8 Preferred Stock will be converted into 20,948,746 shares of the Company&rsquo;s Class A Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;We feel confident the conversion of preferred shares is in the
best interests of all Stagwell common shareholders as it eliminates any potential accretion,&rdquo; said Mark Penn, Chairman and CEO,
Stagwell Inc. &ldquo;This action helps to complete the process we embarked upon to streamline and simplify Stagwell&rsquo;s capital structure,
making this a more investable company for the long term.&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">The shares of Class A Common Stock are being issued in reliance upon
the exemption set forth in Section 3(a)(9) of the Securities Act of 1933, as amended, for securities exchanged by the Company and existing
security holders where no commission or other remuneration is paid or given directly or indirectly by the Company for soliciting such
exchange.</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"><B>About Stagwell Inc.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Stagwell (NASDAQ: STGW) is the challenger
holding company built to transform marketing. We deliver scaled creative performance for the world&rsquo;s most ambitious brands, connecting
culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 10,000+
specialists in 30+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients.
Join us at </FONT><U>www.StagwellGlobal.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"><B>Forward-Looking Statements</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">This press release contains &ldquo;forward-looking statements&rdquo;
within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which include statements regarding the Company&rsquo;s
intentions or current expectations concerning, among other things, the completion, timing and potential benefits of the conversion of
the Series 6 Preferred Stock and the Series 8 Preferred Stock. Forward-looking statements are subject to known and unknown risks and uncertainties,
which could cause actual results to differ materially from those expected or implied by the forward-looking statements.</P>

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

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

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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>stgw-20210923_pre.xml
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<xbrl
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  xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31"
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000876883</identifier>
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        <period>
            <startDate>2021-09-23</startDate>
            <endDate>2021-09-23</endDate>
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    <dei:EntityRegistrantName contextRef="From2021-09-23to2021-09-23">STAGWELL INC.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="From2021-09-23to2021-09-23">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="From2021-09-23to2021-09-23">001-13718</dei:EntityFileNumber>
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    <dei:EntityAddressCityOrTown contextRef="From2021-09-23to2021-09-23">New York</dei:EntityAddressCityOrTown>
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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="idm140424996129976">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Sep. 23, 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">Sep. 23,  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">STAGWELL
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">86-1390679<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
    A Common Stock, $0.001 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">STGW<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>
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<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>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</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>
</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>
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<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>
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<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>
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<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>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_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>
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<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>
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<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>
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<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>
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<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>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- 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>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
