<SEC-DOCUMENT>0001104659-23-032284.txt : 20230314
<SEC-HEADER>0001104659-23-032284.hdr.sgml : 20230314
<ACCEPTANCE-DATETIME>20230314161422
ACCESSION NUMBER:		0001104659-23-032284
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230314
DATE AS OF CHANGE:		20230314
GROUP MEMBERS:		MARK J. PENN
GROUP MEMBERS:		STAGWELL FRIENDS & FAMILY LLC
GROUP MEMBERS:		STAGWELL GROUP LLC
GROUP MEMBERS:		STAGWELL MEDIA LP

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-53561
		FILM NUMBER:		23731060

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

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

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

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

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

FILED BY:		

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

	FILING VALUES:
		FORM TYPE:		SC 13D/A

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

	MAIL ADDRESS:	
		STREET 1:		1808 I STREET, NW
		STREET 2:		6TH FLOOR
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>tm239523d1_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No. 12)</B></P>

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

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

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



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

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

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>85256A109</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0; text-align: center"><B></B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><B>&nbsp;</B></P>



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

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

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

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

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><B>1808 I Street, NW, 6th Floor</B> </B></P>

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

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

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



<P STYLE="border-bottom: Black 1pt solid; text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>March 14, 2023</B></P>
<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center">&nbsp;</P>



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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <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; margin: 0pt 0.1in 0pt 15.2pt; text-indent: 9pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1.5pt solid; padding-top: 1.5pt; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 37%; font-size: 10pt; text-align: center; padding-bottom: 1.5pt"><B>CUSIP No. 85256A109</B></TD>
    <TD STYLE="padding-top: 1.5pt; width: 35%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; padding-top: 1.5pt; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 28%; font-size: 10pt; text-align: center; padding-bottom: 1.5pt">Page 2 of 11 Pages</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD ROWSPAN="4" STYLE="padding-top: 1pt; width: 15%; border-left: black 1pt solid; border-bottom: black 1.5pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON WITH</B></P></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 5%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 80%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14,372,414 (See Items 4 and 5)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14,372,414 (See Items 4 and 5)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD STYLE="padding-top: 1pt; width: 85%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14,372,414 (See Items 4 and 5)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.9% (See Item 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* The calculation is based on 131,605,852 issued
and outstanding shares of Class A Common Stock.</P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <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; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 37%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>CUSIP No. 85256A109</B></TD>
    <TD STYLE="padding-top: 1pt; width: 35%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 28%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center">Page 3 of 11 Pages</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>1</B></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Stagwell Group LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>2</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(a)&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(b) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>3</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">SEC USE ONLY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>4</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">SOURCE OF FUNDS (SEE INSTRUCTIONS)<BR>
OO (See Item 3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<BR>
PURSUANT TO ITEMS 2(d) or 2(e) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>
Delaware</TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="padding-top: 1pt; width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON WITH</B></P></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 5%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 80%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">175,411,472 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">175,411,472 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">175,411,472 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">60.0% (See Item 5)**</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* Reflects (i) 14,502,414 issued and outstanding
shares of Class A Common Stock and (ii) 160,909,058 shares of Class A Common Stock issuable upon conversion of the shares of Class C Common
Stock beneficially owned by the Reporting Person. The shares of Class C Common Stock are voting-only shares that have no economic interest
in the Issuer and are not registered or listed shares. Each holder of shares of Class C Common Stock may, at its option, exchange such
shares of Class C Common Stock, together with its corresponding economic interest in a wholly-owned subsidiary of the Issuer (collectively,
a &ldquo;<U>Paired Equity Interest</U>&rdquo;), for shares of Class A Common Stock on a one-to-one basis (<I>i.e.,</I> one Paired Equity
Interest for one share of Class A Common Stock).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** The calculation is based on a total of 292,514,910
shares of Class A Common Stock outstanding, which includes (i) 131,605,852 issued and outstanding shares of Class A Common Stock and (ii)
160,909,058 shares of Class A Common Stock issuable upon conversion of the shares of Class C Common Stock beneficially owned by the Reporting
Person.</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <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; margin: 0pt 0.1in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1.5pt solid; width: 37%; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding: 0.75pt 0.75pt 0.4pt; font-size: 10pt; text-align: center"><B>CUSIP No. 85256A109</B></TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; width: 28%; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding: 0.75pt 0.75pt 0.4pt; font-size: 10pt; text-align: center">Page 4 of 11 Pages</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>1</B></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark J. Penn</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>2</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(a)&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(b) <FONT STYLE="font-family: Wingdings">&#120;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>3</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">SEC USE ONLY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>4</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">SOURCE OF FUNDS (SEE INSTRUCTIONS)<BR>
OO (See Item 3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<BR>
PURSUANT TO ITEMS 2(d) or 2(e) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>
United States</TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="padding-top: 1pt; width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON WITH</B></P></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 5%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 80%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,317,924 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">175,411,472 (See Items 4 and 5)**</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,317,924 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">175,411,472 (See Items 4 and 5)**</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">177,729,396 (See Items 4 and 5)**</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">60.8% (See Item 5)***</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* Does not include 1,725,000 shares of Class A
Common Stock that may be issued upon the vesting and exercise of certain Stock Appreciation Rights. See Items 4 and 5.</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">** Reflects (i) 14,502,414 issued and outstanding
shares of Class A Common Stock and (ii) 160,909,058 shares of Class A Common Stock issuable upon conversion of the shares of Class C Common
Stock beneficially owned by the Reporting Person. The shares of Class C Common Stock are voting-only shares that have no economic interest
in the Issuer and are not registered or listed shares. Each holder of shares of Class C Common Stock may, at its option, exchange its
Paired Equity Interests for shares of Class A Common Stock on a one-to-one basis (<I>i.e.,</I> one Paired Equity Interest for one share
of Class A Common Stock).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*** The calculation is based on a total of 292,514,910
shares of Class A Common Stock outstanding, which includes (i) 131,605,852 issued and outstanding shares of Class A Common Stock and (ii)
160,909,058 shares of Class A Common Stock issuable upon conversion of the shares of Class C Common Stock beneficially owned by the Reporting
Person.</P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <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; margin: 0pt 0.1in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 37%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>CUSIP No. 85256A109</B></TD>
    <TD STYLE="padding-top: 1pt; width: 35%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 28%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center">Page 5 of 11 Pages</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>1</B></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stagwell Media LP</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>2</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(a)&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(b) <FONT STYLE="font-family: Wingdings">&#120;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>3</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">SEC USE ONLY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>4</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">SOURCE OF FUNDS (SEE INSTRUCTIONS)<BR>
OO (See Item 3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<BR>
PURSUANT TO ITEMS 2(d) or 2(e) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>
United States</TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="padding-top: 1pt; width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON WITH</B></P></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 5%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 80%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">175,281,472 (see Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">175,281,472 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">175,281,472 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">59.9% (See Item 5)**</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PN</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* Reflects (i) 14,372,414 issued and outstanding
shares of Class A Common Stock and (ii) 160,909,058 shares of Class A Common Stock issuable upon conversion of the shares of Class C Common
Stock beneficially owned by the Reporting Person. The shares of Class C Common Stock are voting-only shares that have no economic interest
in the Issuer and are not registered or listed shares. Each holder of shares of Class C Common Stock may, at its option, exchange its
Paired Equity Interests for shares of Class A Common Stock on a one-to-one basis (<I>i.e.,</I> one Paired Equity Interest for one share
of Class A Common Stock).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** The calculation is based on a total of 292,514,910
shares of Class A Common Stock outstanding, which includes (i) 131,605,852 issued and outstanding shares of Class A Common Stock and (ii)
160,909,058 shares of Class A Common Stock issuable upon conversion of the shares of Class C Common Stock beneficially owned by the Reporting
Person.</P>

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <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; margin: 0pt 0.1in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 37%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>CUSIP No. 85256A109</B></TD>
    <TD STYLE="padding-top: 1pt; width: 35%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 28%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center">Page 6 of 11 Pages</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <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; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment No. 12 to Schedule
13D (this &ldquo;<U>Amendment No. 12</U>&rdquo;) is being filed jointly by: (i) Stagwell Agency Holdings LLC, a Delaware limited liability
company, (ii) The Stagwell Group LLC, a Delaware limited liability company, (iii) Stagwell Media LP, a Delaware limited partnership, (iv)
Mark J. Penn, a United States citizen, and (v) Stagwell Friends and Family LLC, a Delaware limited liability company (collectively, the
 &ldquo;<U>Reporting Persons</U>&rdquo; and each, individually, a &ldquo;<U>Reporting Person</U>&rdquo;), and relates to the Class A common
stock, par value $0.001 per share (the &ldquo;<U>Class A Common Stock</U>&rdquo;), of Stagwell Inc. (the &ldquo;<U>Issuer</U>&rdquo;).
This Amendment No. 12 amends the original statement on Schedule 13D filed jointly by Stagwell Agency Holdings LLC, The Stagwell Group
LLC, and Mark J. Penn with the Securities and Exchange Commission on March 25, 2019, as amended by Amendment No. 1 on June 26, 2020, Amendment
No. 2 on October 4, 2020, Amendment No. 3 on December 22, 2020, Amendment No. 4 on June 7, 2021, Amendment No. 5 on June 14, 2021, Amendment
No. 6 on June 17, 2021, Amendment No. 7 on July 9, 2021, Amendment No. 8 on July 16, 2021, Amendment No. 9 on August 4, 2021, Amendment
No. 10 on October 7, 2021 and Amendment No. 11 on February 7, 2022 (as so amended, the &ldquo;<U>Schedule 13D</U>&rdquo;), with respect
to the Class A Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment No. 12 amends
the Schedule 13D as set forth herein. Unless otherwise indicated herein, each capitalized term used but not otherwise defined herein shall
have the meaning given to such term in the Schedule 13D.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) This Amendment No. 12
is being filed by the Reporting Persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) See the cover pages of
this Amendment No. 12 for place of organization or citizenship of each of the Reporting Persons.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The disclosure set forth under
Item 4 of this Amendment No. 12 is incorporated herein by reference.</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"><B>Item 4. Purpose of Transaction.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Grants of Restricted Shares</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 28, 2022, the
Issuer granted Mark J. Penn 161,765 restricted shares of Class A Common Stock under the Issuer&rsquo;s Second Amended and Restated 2016
Stock Incentive Plan (the &ldquo;2016 Plan&rdquo;). Such restricted shares vested on February 28, 2023.</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">On August 15, 2022, the Issuer
granted Mark J. Penn 593,031 restricted shares of Class A Common Stock under the 2016 Plan. Such restricted shares vest on March 31, 2025,
subject to the achievement of financial performance targets and Mr. Penn&rsquo;s continued service through such 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">On February 23, 2023, the
Issuer granted Mark J. Penn 177,951 restricted shares of Class A Common Stock under the 2016 Plan. Such restricted shares vest on February
23, 2024.</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">On February 23, 2023, the
Issuer granted Mark J. Penn 640,988 restricted shares of Class A Common Stock under the 2016 Plan. Such restricted shares vest on March
31, 2026, subject to the achievement of financial performance targets and Mr. Penn&rsquo;s continued service through such date.</P>

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

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 3, 2023, in accordance
with the 2016 Plan, Mark J. Penn delivered 193,207 shares of Class A Common Stock to the Issuer to satisfy tax withholding requirements
on the vesting of restricted shares of Class A Common Stock.</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: 0.5in">On February 28, 2023, in accordance
with the 2016 Plan, Mark J. Penn delivered 63,655 shares of Class A Common Stock to the Issuer to satisfy tax withholding requirements
on the vesting of restricted shares of Class A Common Stock.</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"><U>Stock Appreciation Rights</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As previously disclosed, on
December 14, 2021, the Issuer granted Mark J. Penn 1,500,000 stock appreciation rights (&ldquo;<U>SARs</U>&rdquo;) in respect of shares
of Class A Common Stock under the 2016 Plan, with the grant of 1,312,000 of the 1,500,000 SARs subject to stockholder approval of an amendment
to the 2016 Plan. On March 11, 2022, the SARs were amended to remove the stockholder removal requirement and to make all 1,500,000 SARs
exercisable only for cash.</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">On March 1, 2023, the Issuer
granted Mark J. Penn 225,000 SARs in respect of shares of Class A Common Stock under the 2016 Plan. The SARs have a base price of $6.79
per share, vest in three equal installments on each of the first three anniversaries of the date of grant and expire on the fifth anniversary
of the date of grant.</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"><U>Exchanges of Paired Equity Interests and Distributions of Class
A Common Stock</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 9, 2022, Stagwell
Media LP and Stagwell Friends and Family LLC exchanged 388,122 Paired Equity Interests held by Stagwell Friends and Family LLC for an
equal number of shares of Class A Common Stock and distributed those shares to certain of their limited partners and members for no consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 31, 2022, Stagwell
Media LP and Stagwell Friends and Family LLC exchanged 25,553 Paired Equity Interests held by Stagwell Friends and Family LLC for an equal
number of shares of Class A Common Stock and distributed those shares to certain of its members for no consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 30, 2022, Stagwell
Media LP and Stagwell Friends and Family LLC exchanged 25,553 Paired Equity Interests held by Stagwell Friends and Family LLC for an equal
number of shares of Class A Common Stock and distributed those shares to certain of its members for no consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 31, 2022, Stagwell
Media LP and Stagwell Friends and Family LLC exchanged 3,466,624 Paired Equity Interests held by Stagwell Friends and Family LLC for an
equal number of shares of Class A Common Stock and distributed those shares to certain of its members for no consideration. Following
such transaction, Stagwell Friends and Family beneficially owned zero shares of Class A Common Stock.</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"><U>Secondary Offering</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">Pursuant to an underwriting
agreement (the &ldquo;<U>Underwriting Agreement</U>&rdquo;) dated as of March 9, 2023, by and among the Issuer, Stagwell Global LLC,
Morgan Stanley &amp; Co. LLC and Goldman Sachs &amp; Co. LLC, as representatives (the &ldquo;<U>Representatives</U>&rdquo;) of the underwriters
named therein (the &ldquo;<U>Underwriters</U>&rdquo;), Stagwell Agency Holdings LLC and the other selling stockholders listed on Schedule
I thereto (together with Stagwell Agency Holdings LLC, the &ldquo;<U>Selling Stockholders</U>&rdquo;), the Underwriters agreed to purchase
from the Selling Stockholders, and the Selling Stockholders agreed to sell to the Underwriters, an aggregate of 16,000,000 shares of
Class A Common Stock, including 12,000,000 shares of Class A Common Stock held by Stagwell Agency Holdings LLC, at a price of $6.429375
per share (the &ldquo;<U>Base Sale</U>&rdquo;). In addition, pursuant to the Underwriting Agreement, the Selling Stockholders granted
the Underwriters an option, exercisable for up to 30 days following the date of the Underwriting Agreement, to purchase up to an aggregate
of 2,400,000 shares of Class A Common Stock, including 1,800,000 shares of Class A Common Stock held by Stagwell Agency Holdings LLC,
at the same price per share. The Underwriting Agreement contains customary terms and conditions for a public offering, including customary
representations and warranties and indemnity provisions. The Base Sale was completed on March 14, 2023.</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"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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; 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">In connection with the offering
of Class A Common Stock to which the Underwriting Agreement relates, Mark J. Penn and Stagwell Agency Holdings LLC signed lock-up agreements,
dated March 8, 2023 (the &ldquo;<U>Lock-Up Agreements</U>&rdquo;), pursuant to which they agreed, subject to certain exceptions, not
to, and not to publicly disclose an intention to, during the period ending 60 days after March 9, 2023, offer, pledge, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
lend or otherwise transfer or dispose of, directly or indirectly, any shares of common stock of the Issuer or any securities convertible
into or exercisable or exchangeable for common stock of the Issuer, or enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of such securities.</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 foregoing descriptions
of the Underwriting Agreement and the Lock-Up Agreements do not purport to be complete summaries of and are subject to and qualified in
their entirety by reference to the complete text of the Underwriting Agreement (including the form of Lock-Up Agreement included as Exhibit
A thereto), a copy of which is filed as Exhibit A hereto and is incorporated herein by reference.</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"><B>Item 5. Interest in Securities of the Issuer.</B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">a total of 131,605,852 issued and outstanding shares of Class A Common Stock as of the date hereof, based on 131,605,852 shares of Class A Common Stock issued and outstanding as of February 28, 2023 as provided on the Issuer&rsquo;s Annual Report on Form 10-K filed on March 6, 2023; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the conversion of the remaining number of shares of Class C common stock, par value $0.00001 per share, of the Issuer (the &ldquo;<U>Class C Common Stock</U>&rdquo;) beneficially owned by the applicable Reporting Person into an equal number of shares of Class A Common Stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate number and percentage
of shares of Class A Common Stock beneficially owned by each Reporting Person and, for each Reporting Person, the number of shares of
Class A Common Stock as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power
to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and
row 13 of the cover pages of this Amendment No. 12 and are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date hereof, Stagwell
Agency Holdings LLC directly holds 14,372,414 shares of Class A Common Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date hereof, Mark
J. Penn directly holds 2,317,924 shares of Class A Common Stock, of which (i) 177,951 are unvested shares of restricted stock that are
not scheduled to vest until February 23, 2024, subject to continued employment, (ii) 412,000 are unvested shares of restricted stock that
are not scheduled to vest until March 31, 2024, subject to achievement of financial performance targets and continued employment, (iii)
593,031 are unvested shares of restricted stock that are not scheduled to vest until March 31, 2025, subject to achievement of financial
performance targets and continued employment, and (iv) 640,988 are unvested shares of restricted stock that are not scheduled to vest
until March 31, 2026, subject to achievement of financial performance targets and continued employment. In addition, as of the date hereof,
Mr. Penn directly holds (i) 1,500,000 SARs granted on April 5, 2019 with a base price of $2.19 per share, of which all are vested and
exercisable as of the date hereof, and (ii) 225,000 SARs granted March 1, 2023 with a base price of $6.79 per share, vesting in three
equal installments on each of the first three anniversaries of the date of grant.</P>

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

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

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

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

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date hereof, Stagwell
Friends and Family LLC directly holds no shares of Class C Common Stock.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No transactions in shares
of Class A Common Stock were effected by any Reporting Person during the sixty days before the date hereof, except as set forth in this
Amendment No. 12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the filing of this
Amendment No. 12 nor any of its contents shall be deemed to constitute an admission that any of the Reporting Persons is the beneficial
owner of any securities covered by this statement for purposes of Section 13(d) of the Exchange Act of 1934, as amended (the &ldquo;<U>Exchange
Act</U>&rdquo;), or for any other purpose, except to the extent of its or his pecuniary interest therein, if any, and such beneficial
ownership is expressly disclaimed. The filing of this statement should not be construed to be an admission that any Reporting Person is
a member of a &ldquo;group&rdquo; for the purposes of Sections 13(d) or 13(g) of the Exchange Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The disclosure set forth under
Item 4 of this Amendment No. 12 is incorporated herein by reference.</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 0.1in 0pt 0; text-align: justify"><B>Item 7. Material to be Filed as Exhibits.
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/876883/000110465923032279/tm239463d1_ex1-1.htm" STYLE="-sec-extract: exhibit">Exhibit A &ndash; Underwriting Agreement, <FONT STYLE="color: #202124; background-color: white">dated as of March 9, 2023, by and among the Issuer, Stagwell Global LLC, the Underwriters and the</FONT> selling stockholders listed on Schedule I thereto (incorporated by reference to Exhibit 1.1 to the Issuer&rsquo;s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023).</A></P>

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

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

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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; margin: 0pt 0.1in 0pt 0; text-align: justify">&nbsp;</P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 14, 2023</P>

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

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

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

<!-- Field: Page; Sequence: 11; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
