MDC PARTNERS INC.,


 


THE NOTE GUARANTORS PARTY HERETO


 


AND


 


THE BANK OF NEW YORK MELLON,


 


AS TRUSTEE


 


6.75% SENIOR NOTES DUE 2020


 


FIFTH SUPPLEMENTAL INDENTURE


 


Dated as of April 2, 2014


 




    	 



    	 



    

 


This FIFTH SUPPLEMENTAL INDENTURE,
dated as of April 2, 2014 (this “Fifth Supplemental Indenture”), among MDC Partners Inc., a corporation continued
under the laws of Canada (the “Company”), the Note Guarantors party hereto and The Bank of New York Mellon,
a New York banking corporation, as Trustee under the Indenture referred to below (the “Trustee”).


 


WITNESSETH:


 


WHEREAS, the Company, the Note Guarantors
party hereto and the Trustee have previously entered into an indenture, dated as of March 20, 2013 (the “Base Indenture”)
(as supplemented by the First Supplemental Indenture dated as of June 21, 2013, the Second Supplemental Indenture dated as of
November 6, 2013, the Third Supplemental Indenture dated as of November 15, 2013, the Fourth Supplemental Indenture dated as of
March 17, 2014, together and as may be further amended, supplemented, waived or otherwise modified, the “Indenture”),
providing for the issuance of $660,000,000 aggregate principal amount of its 6.75% Senior Notes due 2020 of the Company (the “Notes”),
all of which are outstanding on the date hereof;


 


WHEREAS, pursuant to Section 9.1(9)
of the Base Indenture, the Company, the Note Guarantors and the Trustee may amend or supplement the Indenture without notice
to or consent of any Holder to provide, among other things, for the issuance of Additional Notes as permitted by Section 2.2(c)
and Section 2.14 of the Base Indenture, which will be treated, together with any other Outstanding Notes, as a
single issue of securities;


 


WHEREAS, the Board of Directors
of the Company has authorized by resolutions, including the Additional Note Board Resolutions pursuant to Section 2.14(b)
of the Base Indenture, the issuance of $75,000,000 aggregate principal amount of Additional Notes (the “March 2014 Additional
Notes”);


 


WHEREAS, pursuant to Section 2.14(b)
of the Base Indenture, the Company has delivered to the Trustee the Officers’ Certificate pursuant to and in accordance
with the Additional Note Board Resolutions relating to the March 2014 Additional Notes;


 


WHEREAS, the Company has requested
that the Trustee join in the execution of this Fifth Supplemental Indenture, and


 


WHEREAS, all conditions and requirements
necessary to make this Fifth Supplemental Indenture a valid, binding, and legal instrument in accordance with the terms of the
Indenture have been performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized.


 


NOW, THEREFORE, for and in
consideration of the premises and the mutual covenants contained herein and in the Indenture and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company, the Note Guarantors and the Trustee hereby agree for
the equal and ratable benefit of all Holders of the March 2014 Additional Notes as follows:


 




    	 



    	 



    

 


Article
I



DEFINITIONS


 


Section 1.1.          Defined
Terms. All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Indenture,
as supplemented and amended hereby.


 


Article
II



ADDITIONAL NOTES


 


Section 2.1.          The
Additional Notes. (a) Pursuant to Section 2.14 of the Base Indenture, the Company hereby creates $75,000,000 aggregate
principal amount of its 6.75% Senior Notes due 2020. These March 2014 Additional Notes shall constitute a single series with the
Company’s Outstanding Notes issued on March 20, 2013 and November 15, 2013 (the “Existing Notes”), to
which the March 2014 Additional Notes are identical in all terms and conditions except as to the issue date, the amount of interest
payable on the first Interest Payment Date therefore and issue price as permitted under Section 2.14(a) of the Base
Indenture and except with respect to the use of a separate CUSIP in respect of the Regulation S Temporary Global Note for compliance
with the Distribution Compliance Period as further permitted by Section 2.14(a) of the Base Indenture. Interest on the
March 2014 Additional Notes shall accrue from April 1, 2014. The first interest payment date of the March 2014 Additional Notes
shall be October 1, 2014. All March 2014 Additional Notes issued under the Indenture will, when issued, be considered Notes for
all purposes thereunder and will be subject to and take the benefit of all of the terms, conditions and provisions of the Indenture.
The March 2014 Additional Notes shall be issued in global form in minimum denominations of $2,000 and integral multiples of $1,000
in excess thereof in substantially the form of Exhibit A hereto. The terms and provisions of the March 2014 Additional
Notes set forth in Exhibit A hereto shall constitute and are expressly made a part of this Supplemental Indenture.


 


Section 2.2.          Execution
and Authentication of the Additional Notes. The Trustee shall, upon receipt of and in accordance with a Company Order pursuant
to Section 2.2 of the Base Indenture, authenticate and deliver the March 2014 Additional Notes in the aggregate principal
amount of $75,000,000.


 


Article
III



MISCELLANEOUS


 


Section 3.1.          Ratification
of Indenture; Fifth Supplemental Indenture Part of Indenture. Except as expressly supplemented hereby, the Indenture is in
all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
This Fifth Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or
hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity
or sufficiency of this Fifth Supplemental Indenture. The recitals and statements herein are deemed to be those of the Company
and the Note Guarantors and not those of the Trustee, and the Trustee assumes no responsibility for their correctness.


 




    	2



    	 



    

 


Section 3.2.          Governing
Law, Etc. This Fifth Supplemental Indenture shall be governed by the provisions set forth in Section 11.7 of the Base
Indenture, mutatis mutandis.


 


Section 3.3.          Severability.
In case any provision in this Fifth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be
ineffective only to the extent of such invalidity, illegality or unenforceability.


 


Section 3.4.          Duplicate
and Counterpart Originals. The parties may sign any number of copies of this Fifth Supplemental Indenture. One signed copy
is enough to prove this Fifth Supplemental Indenture. This Fifth Supplemental Indenture may be executed in any number of counterparts,
each of which so executed shall be an original, but all of them together represent the same agreement.


 


Section 3.5.          Headings.
The headings of the Articles and Sections in this Fifth Supplemental Indenture have been inserted for convenience of reference
only, are not intended to be considered as a part hereof and shall not modify or restrict any of the terms or provisions hereof.


 


[Signature Pages Follow]


 






    	3



    	 



    

 


IN WITNESS WHEREOF, the parties have caused
this Fifth Supplemental Indenture to be duly executed as of the date first written above.


 


	 	MDC PARTNERS INC.,
	 	as the Company
	 	 
	 	By:	/s/ Mitchell Gendel
	 	 	Name:  Mitchell Gendel
	 	 	Title:  General Counsel & Corporate Secretary


 


[Signature Page
to Supplemental Indenture]


 




    	 



    	 



    

 


Guarantors:


 


6DEGREES INTEGRATED COMMUNICATIONS CORP.,


an Ontario corporation


72 AND SUNNY PARTNERS LLC,


a Delaware limited liability company


ACCENT MARKETING SERVICES, L.L.C.,


a Delaware limited liability company


ACCUMARK PARTNERS INC.,


an Ontario corporation


ALLISON & PARTNERS LLC,


a Delaware limited liability company


ANOMALY Inc.,


an Ontario corporation


ANOMALY PARTNERS LLC,


a Delaware limited liability company


ATTENTION PARTNERS LLC,


a Delaware limited liability company


BOOM MARKETING INC.,


an Ontario corporation


BRUCE MAU DESIGN INC.,


an Ontario corporation


BRUCE MAU DESIGN (USA) LLC,


a Delaware limited liability company


BRUCE MAU HOLDINGS LTD.,


an Ontario corporation


BRYAN MILLS IRADESSO CORP.,


an Ontario corporation


CAPITAL C PARTNERS GP INC.,


an Ontario corporation


CAPITAL C PARTNERS LP,


an Ontario limited partnership

By: Capital C Partners GP Inc.

Its general partner


COLLE & MCVOY LLC,


a Delaware limited liability company


CONCENTRIC PARTNERS LLC,


a Delaware limited liability company


CRISPIN PORTER & BOGUSKY LLC,


a Delaware limited liability company


CRISPIN PORTER & BOGUSKY EUROPE AB,


a Swedish corporation


DONER PARTNERS LLC,


a Delaware limited liability company


DOTGLU LLC,


a Delaware limited liability company


HELLO DESIGN, LLC,


a California limited liability company


HL GROUP PARTNERS LLC,


a Delaware limited liability company


INTEGRATED MEDIA SOLUTIONS PARTNERS LLC,


a Delaware limited liability company


KBP HOLDINGS LLC,


a Delaware limited liability company


KBS+P ATLANTA LLC,


a Delaware limited liability company


KBS+P CANADA LP KBS+P CANADA SEC,


an Ontario limited partnership


By: MDC Canada GP Inc.

Its general partner


KENNA COMMUNICATIONS GP INC.,


an Ontario corporation


KENNA COMMUNICATIONS LP,


an Ontario limited partnership


By: Kenna Communications GP Inc.

Its general partner


KINGSDALE PARTNERS LP,


an Ontario limited partnership


By: MDC Kingsdale GP Inc.

Its general partner


KIRSHENBAUM BOND SENECAL & PARTNERS LLC,


a Delaware limited liability company


KIRSHENBAUM BOND & PARTNERS WEST LLC,


a Delaware limited liability company


KWITTKEN PR LLC,


a Delaware limited liability company


LBN PARTNERS LLC,


a Delaware limited liability company


LAIRD + PARTNERS NEW YORK LLC,


a Delaware limited liability company


LUNTZ GLOBAL PARTNERS LLC,


a Delaware limited liability company


MAXXCOM GLOBAL MEDIA LLC,


a Delaware limited liability company


MAXXCOM (USA) FINANCE COMPANY,


a Delaware corporation


MAXXCOM (USA) HOLDINGS INC.,


a Delaware corporation


MAXXCOM INC.,


a Delaware corporation


MDC ACQUISITION INC.,


a Delaware corporation


MDC CANADA GP INC.,


a corporation incorporated under the laws of Canada


MDC CORPORATE (US) INC.,


a Delaware Corporation


MDC INNOVATION PARTNERS LLC,


a Delaware limited liability company


MDC KINGSDALE GP INC.,


an Ontario corporation


 


[continues on next page]


 


[Signature Page
to Supplemental Indenture]


 




    	 



    	 



    

 


MDC TRAVEL, INC.,


a Delaware corporation


MONO ADVERTISING, LLC,


a Delaware limited liability company


NEW TEAM LLC,


a Delaware limited liability company


NORTHSTAR MANAGEMENT HOLDCO INC.,


an Ontario corporation


NORTHSTAR RESEARCH GP LLC,


a Delaware limited liability company


NORTHSTAR RESEARCH HOLDINGS CANADA INC.,


an Ontario corporation


NORTHSTAR RESEARCH HOLDINGS USA LP,


a Delaware limited partnership


NORTHSTAR RESEARCH PARTNERS INC.,


an Ontario corporation


NORTHSTAR RESEARCH PARTNERS (USA) LLC,


a Delaware limited liability company


OUTERACTIVE, LLC,


a Delaware limited liability company


PULSE MARKETING, LLC,


a Delaware limited liability company


REDSCOUT LLC,


a Delaware limited liability company


RELEVENT PARTNERS LLC,


a Delaware limited liability company


RJ PALMER PARTNERS LLC,


a Delaware limited liability company


SKINNY NYC LLC,


a Delaware limited liability company


SLOANE & COMPANY LLC,


a Delaware limited liability company


SOURCE MARKETING LLC,


a New York limited liability company


STUDIO PICA INC.,


a federal company organized under the laws of Canada


TARGETCAST LLC,


a Delaware limited liability company


TARGETCOM, LLC,


a Delaware limited liability company


TC ACQUISITION INC.,


a Delaware corporation


THE ARSENAL LLC,


a Delaware limited liability company


TRACK 21 LLC,


a Delaware limited liability company


TRADE X PARTNERS LLC,


a Delaware limited liability company


UNION ADVERTISING CANADA LP,


an Ontario limited partnership


By: MDC Canada GP Inc.

Its general partner


VARICK MEDIA MANAGEMENT LLC,


a Delaware limited liability company


VERITAS COMMUNICATIONS INC.,


an Ontario corporation


VITRO PARTNERS LLC,


a Delaware limited liability company


VITROROBERTSON LLC,


a Delaware limited liability company


X CONNECTIONS INC.,


an Ontario corporation


YAMAMOTO MOSS MACKENZIE, INC.,


a Delaware corporation


ZYMAN GROUP, LLC,


a Delaware limited liability company


 


[continues on next page]


 


[Signature Page
to Supplemental Indenture]


 




    	 



    	 



    

 


	 	 	On behalf
    of each of the Note Guarantors
	 	 	 
	 	 	By:	/s/ Mitchell Gendel
	 	 	 	Name: Mitchell
    Gendel
	 	 	 	Title: Authorized
    Signatory


 


[Signature
Page to Supplemental Indenture]


 




    	 



    	 



    

 


	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 
	 	By:	/s/ Latoya S. Elvin
	 	 	Name:  Latoya S. Elvin
	 	 	Title:   Vice President



 


[Signature Page to Supplemental Indenture]


 



    	 



    	 



    

 


Exhibit A


 


[Include the following legend for Global Notes
only:


 


THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
REFERRED TO HEREINAFTER.


 


UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 


TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS
OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.]


 


[Include the following legend on all Notes that
are Restricted Notes:


 




    	Exhibit A-1



    	 



    

 


The sale
of this Note has not been registered under the United States Securities Act of 1933, as amended (the ‘‘Securities
Act’’), and accordingly, this Note may not be offered or sold except as set forth in the following sentence. By its
acquisition hereof, the holder agrees that (1) it will not within the later of (x) one year after the last date of original issuance
of the Notes, and (y) 90 days after it ceases to be an affiliate (within the meaning of Rule 144 under the Securities Act) of
the issuer, offer, resell, pledge or otherwise transfer the Note evidenced hereby, except (a) to the issuer; (b) under a registration
statement that has been declared effective under the Securities Act; (c) to a person the seller reasonably believes is a Qualified
Institutional Buyer (as defined in Rule 144A under the Securities Act) that is purchasing for its own account or for the account
of another Qualified Institutional Buyer and to whom notice is given that the transfer is being made in reliance on Rule 144A,
all in compliance with Rule 144A; (d) in an offshore transaction complying with Rule 903 or Rule 904 of Regulation S; or (e) under
any other available exemption from the registration requirements of the Securities Act; (2) it will comply with all applicable
securities laws of the states of the United States and other jurisdictions; and (3) it will, prior to any transfer of this Note
pursuant to clause (E) within the later of (x) one year after the last date of original issuance of the Notes and (y) 90 days
after it ceases to be an affiliate (within the meaning of Rule 144 under the Securities Act) of the issuer, furnish to the trustee
and the issuer such certifications, legal opinions or other information as they may require pursuant to the indenture and may
rely upon to confirm that such transfer is being made pursuant to such other available exemption from the registration requirements
of the Securities Act. In any event, no affiliate of the issuer may purchase or sell these Notes prior to the date that is one
year after the last date of original issuance of the Notes. The restrictions set forth in this legend shall cease to have effect
one year after the last date of original issuance of the Notes, provided that all holders after such date shall continue to be
required to transfer Notes in conformity with the requirements of applicable securities laws.]


 


UNLESS PERMITTED UNDER CANADIAN SECURITIES LAWS,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY IN OR TO A PERSON IN ANY PROVINCE OR TERRITORY OF CANADA BEFORE THE DATE
THAT IS FOUR MONTHS AND A DAY AFTER THE DATE OF THE ISSUANCE OF THIS SECURITY.


 


 


[Include the following legend on all Regulation
S Temporary Global Notes:


 


THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES
OF REGULATION S UNDER THE SECURITIES ACT. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, DELIVERED
OR EXCHANGED FOR AN INTEREST IN A PERMANENT GLOBAL NOTE OR OTHER NOTE EXCEPT UPON DELIVERY OF THE CERTIFICATIONS SPECIFIED IN
THE INDENTURE.]


 




    	Exhibit A-2



    	 



    

 


FORM OF FACE OF NOTE


 


6.75% Senior Notes due 2020


 


	No. [___]	Principal Amount $[______________]


 


 


	[If the Note is a Global Note include the following two lines:
	as revised by the Schedule of Increases and
	Decreases in Global Note attached hereto]
	 
	CUSIP NO. ____________
	 
	ISIN NO. ____________


 


 


MDC Partners Inc., a corporation continued
under the laws of Canada (together with its successors and assigns, the “Company”) promises to pay to
___________________, or registered assigns, the principal sum of __________________ United States Dollars [If the Note is a
Global Note, add the following, as revised by the Schedule of Increases and Decreases in Global Note attached hereto], on
April 1, 2020.


 


Interest Payment Dates:
April 1 and October 1, commencing on October 1, 2014


Record Dates: March 15 and September 15


 




    	Exhibit A-3



    	 



    

 


Additional provisions of this Note are set
forth on the other side of this Note.


 


	 	MDC PARTNERS INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 


	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 
	 	 
	This is one of the Notes referred to in the	 
	within-mentioned Indenture.	 
	 	 
	THE BANK OF NEW YORK MELLON,	 
	as Trustee	 


 


	By:  	 	 	Date:	 
	 	Authorized Signatory	 	 	 


 


 




    	Exhibit A-4



    	 



    

 


 


FORM OF REVERSE SIDE OF NOTE


 


6.75% Senior Notes due 2020


 


Capitalized terms used but not defined herein shall have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated.


 


1.          Interest


 


MDC Partners Inc., a corporation continued
under the laws of Canada (together with its successors and assigns, the “Company”) promises to pay interest
on the principal amount of this Note at the rate per annum shown above.


 


The Company will pay interest semiannually
in arrears on each Interest Payment Date of each year commencing October 1, 2014; provided that if any such Interest Payment
Date is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue
from, and including, the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from,
and including, April 1, 2014. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (“Defaulted Interest”),
without regard to any applicable grace period, at the then applicable rate on the Notes. Interest will be computed on the basis
of a 360-day year of twelve 30-day months.


 


All payments made by the Company in respect
of the Notes will be made free and clear of and without deduction or withholding for or on account of any Taxes imposed or levied
by or on behalf of any Taxing Authority, unless such withholding or deduction is required by law or by the interpretation or administration
thereof. In that event, the Company will pay to each Holder of the Notes Additional Amounts as provided in the Indenture subject
to the limitations set forth in the Indenture.


 


2.          Method
of Payment


 


By at least 10:00 a.m., New York City time,
on the date on which any principal of or interest on any Note is due and payable, the Company shall irrevocably deposit with the
Trustee or the Paying Agent money sufficient to pay such principal and/or interest. The Company will pay interest (except Defaulted
Interest) on the applicable Interest Payment Date to the Persons who are registered Holders of Notes at the close of business
on the Record Date preceding the Interest Payment Date even if Notes are canceled, repurchased or redeemed after the Record Date
and on or before the relevant Interest Payment Date, except as provided in Section 2.13 of the Base Indenture (as defined
below) with respect to Defaulted Interest. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company
will pay principal and interest in U.S. Legal Tender.


 




    	Exhibit A-5



    	 



    

 


Payments in respect of Notes represented
by a Global Note (including principal and interest) will be made by the transfer of immediately available funds to the accounts
specified by DTC. The Company will make all payments in respect of a Certificated Note (including principal and interest) by mailing
a check to the registered address of each registered Holder thereof as set forth in the Note Register; provided, however,
that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Notes,
by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment
by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later
than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).


 


3.          Paying
Agent and Registrar


 


Initially, The Bank of New York Mellon, the
Trustee under the Indenture, will act as Trustee, Paying Agent and Registrar. The Company may appoint and change any Paying Agent,
Registrar or co-Registrar without notice to any Holder. The Company, any Note Guarantor or any of their Affiliates may act as
Paying Agent, Registrar or co-Registrar.


 


4.          Indenture


 


The Company issued the Notes under an Indenture,
dated as of March 20, 2013 (the “Base Indenture”) (as supplemented by the First Supplemental Indenture dated
as of June 21, 2013, the Second Supplemental Indenture dated as of November 6, 2013, the Third Supplemental Indenture dated as
of November 15, 2013, the Fourth Supplemental Indenture dated as of March 17, 2014, the Fifth Supplemental Indenture dated as
of April 2, 2014, together and as may be further amended or supplemented from time to time in accordance with the terms thereof,
the “Indenture”), among the Company, the Note Guarantors and the Trustee. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms,
and Holders are referred to the Indenture and the TIA for a statement of those terms. Each Holder, by accepting a Note, agrees
to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from time to time.


 


The Notes are general unsecured obligations
of the Company of which $75,000,000 in aggregate principal amount will be issued on April 2, 2014 as Additional Notes, in addition
to the $550,000,000 in aggregate principal amount issued on March 20, 2013 and the $110,000,000 in aggregate principal amount
issued on November 15, 2013. Subject to the conditions set forth in the Indenture and without the consent of the Holders, the
Company may issue Additional Notes. All Notes will be treated as a single class of securities under the Indenture. The Indenture
imposes certain limitations on, among other things, the ability of the Company and its Restricted Subsidiaries to: Incur Indebtedness,
make Restricted Payments, create Liens, make Asset Sales, designate Unrestricted Subsidiaries, enter into transactions with Affiliates,
enter into Sale and Leaseback Transactions, or consolidate or merge or transfer or convey all or substantially all of the Company’s
and its Restricted Subsidiaries’ assets.


 


To guarantee the due and punctual payment of the principal of, premium and interest on the Notes and all
other amounts payable by the Company under the Indenture and the Notes when and as the same shall be due and payable, whether at
maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Note Guarantors have unconditionally
guaranteed (and each of the existing and future Restricted Subsidiaries that Guarantee or are co-borrowers under or grant Liens
to secure the Bank Credit Facility will unconditionally guarantee), jointly and severally, such obligations pursuant to the terms
of the Indenture. Each Note Guarantee will be subject to release as provided in the Indenture.


 




    	Exhibit A-6



    	 



    

 


The obligations of each Note Guarantor in
respect of its Note Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed
liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of any other
Note Guarantor in respect of the obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution
obligations under this Indenture, result in the obligations of such Note Guarantor under its Note Guarantee not constituting a
fraudulent conveyance, fraudulent transfer or similar illegal transfer under federal or state law or the law of the jurisdiction
of formation or incorporation of such Note Guarantor.


 


		5.	Optional Redemption



 


(a)          Optional
Redemption. Except as stated below, the Company may not redeem the Notes prior to April 1, 2016. The Company may, at its option
without the prior agreement of Holders, redeem the Notes, in whole at any time or in part from time to time, on and after April
1, 2016, at the following redemption prices, expressed as percentages of the principal amount thereof, if redeemed during the twelve-month
period commencing on April 1 of any year set forth below:


 


	Year	 	 	Percentage	 
	2016	 	 	103.375	%
	2017	 	 	101.688	%
	2018 and thereafter	 	 	100.000	%



 


(b)          Make-Whole
Redemption. At any time prior to April 1, 2016, the Company may, at its option without the prior agreement of Holders, redeem
all or part of the Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum
of (i) 100% of the principal amount thereof plus (ii) the Applicable Premium as of the date of redemption.


 


“Applicable Premium”
means, with respect to a Note at any date of redemption, the greater of (i) 1.0% of the principal amount of such Note and (ii)
the excess, if any, of (A) the present value at such date of redemption of (1) the redemption price of such Note on April 1, 2016
(such redemption price being described under this Section 5) plus (2) all remaining required interest payments due
on such Note through April 1, 2016 (excluding accrued but unpaid interest to the date of redemption), computed using a discount
rate equal to the Treasury Rate plus 50 basis points, over (B) the then-Outstanding principal amount of such Note.


 




    	Exhibit A-7



    	 



    

 


“Treasury Rate”
means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a
constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published,
any publicly available source of similar market data)) most nearly equal to the period from the redemption date to April 1, 2016;
provided, however, that if the period from the redemption date to April 1, 2016 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.


 


(c)          Optional
Redemption upon Equity Offerings. At any time, or from time to time, on or prior to April 1, 2016, the Company may, at its
option without the prior agreement of Holders, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate
up to 35% of the aggregate principal amount of the Notes issued under the Indenture (calculated after giving effect to any issuance
of Additional Notes) at a redemption price equal to 106.750% of the principal amount thereof; provided that:


 


(1)         after
giving effect to any such redemption at least 65% of the aggregate principal amount of the Notes issued under the Indenture remains
outstanding; and


 


(2)         the
Company will make such redemption not more than 90 days after the consummation of such Equity Offering.


 


Notice of a redemption upon any Equity Offering
may be given prior to the redemption thereof, and any such redemption or notice may, at the Company’s discretion, be subject
to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering.


 


(d)          Optional
Redemption for Changes in Withholding Taxes. The Company may at any time, at its option without the prior agreement of Holders,
redeem, in whole but not in part, the outstanding Notes at a redemption price of 100% of the principal amount thereof if it has
become or would become obligated to pay any Additional Amounts (as defined in the Indenture) or any Reimbursement Payments (as
defined in the Indenture) in respect of the Notes as a result of:


 


(1)         any
change in or amendment to the laws (or regulations promulgated thereunder, rulings, technical interpretations, interpretation bulletins
or information circulars) of any Taxing Authority (as defined in the Indenture); or


 


(2)         any
change in or amendment to any official position regarding the application, administration or interpretation of such laws, regulations,
rulings, technical interpretations, interpretation bulletins or information circulars (including a holding, judgment or order by
a court of competent jurisdiction),


 


which change or amendment is announced or is effective on or
after the Issue Date (without regard to whether any Note Guarantor is or has been making any payments under the Notes prior to,
at or after the time such change or amendment is announced or effective).


 




    	Exhibit A-8



    	 



    

 


It shall be a condition to the Company’s
right to redeem the Notes pursuant to the provisions set forth in the immediately preceding paragraph that, prior to giving any
notice of redemption of the Notes, the Company shall have delivered to the Trustee (a) an Officers’ Certificate stating that
the Company has determined in its reasonable judgment that the obligation to pay such Additional Amounts or Reimbursement Payments
cannot be avoided by the Company taking reasonable measures available to it and (b) an Opinion of Counsel that the circumstances
described in the immediately preceding paragraph exist. No such notice of redemption may be given more than 90 days before or more
than 365 days after the Company first becomes liable (or, if later, the earlier of the date on which it first becomes aware of
its liability or the date on which it reasonably should have become aware of its liability) to pay any Additional Amounts or Reimbursement
Payments as a result of a change or amendment described above.


 


(e)          Optional
Redemption Procedures. In the case of any partial redemption, selection of the Notes for redemption will be made in accordance
with Article V of the Base Indenture. On and after the redemption date, interest will cease to accrue on Notes or portions
thereof called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable
redemption price, together with any accrued and unpaid interest, pursuant to the Indenture. Any redemption notice may, at the Company’s
discretion, be subject to one or more conditions precedent, including completion of an Equity Offering or other corporate transaction.


 


		6.	Mandatory Repurchase Provisions



 


(a)          Change
Of Control Offer. Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require that the
Company purchase all or a portion (equal to $2,000 or an integral multiple of $1,000 in excess thereof (provided that the unpurchased
portion will be in a denomination of at least $2,000)) of the Holder’s Notes at a purchase price equal to 101% of the principal
amount thereof, plus accrued and unpaid interest thereon through the date of purchase; provided that the Company will not
be required to purchase Notes upon the occurrence of a Change of Control in the event that it has exercised its right to redeem
all of the Notes in accordance with Section 5 hereof or if a third party makes the Change of Control Offer subject to the conditions
set forth in the Indenture. Within 30 days following the date upon which the Change of Control occurred, the Company must make
a Change of Control Offer pursuant to a Change of Control Notice. As more fully described in the Indenture, the Change of Control
Notice shall state, among other things, the Change of Control Payment Date, which must be no earlier than 30 days nor later than
60 days from the date the notice is mailed, other than as may be required by applicable law.


 


(b)          Asset
Sale Offer. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to make
Asset Sales. In the event the proceeds from a permitted Asset Sale exceed certain amounts and are not applied as specified in the
Indenture, the Company will be required to make an Asset Sale Offer to purchase to the extent of such remaining proceeds each Holder’s
Notes together with holders of certain other Indebtedness at 100% of the principal amount thereof, plus accrued and unpaid interest
thereon to the Asset Sale Offer Payment Date, as more fully set forth in the Indenture.


 


[Insert for Certificated Notes:


 




    	Exhibit A-9



    	 



    

 


(c)          In
the event of repurchase of the Note pursuant to a Change of Control Offer or Asset Sale Offer in part only, a new Note or Notes
for the unpurchased portion will be issued in the name of the Holder hereof upon cancellation hereof.]


 


		8.	Denominations; Transfer; Exchange



 


The Notes are in fully registered form without
coupons, and only in denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder
may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The
Registrar shall not be required to register the transfer or exchange of (i) (x) any Note for a period beginning: (1) 15 days before
the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing
or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date and (y) any Note selected for repurchase
or redemption, except the unrepurchased or unredeemed portion thereof, if any.


 


		9.	Persons Deemed Owners



 


[for Certificated Notes, include the following:


 


Prior to due presentment of this Note for
registration or transfer, the Company, the Note Guarantors, the Trustee, and any agent of the Company, the Note Guarantors or the
Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and none of the Company, the Note Guarantors, the Trustee or any such agent shall be affected by notice to the contrary.]


 


[for Global Notes, include the following:


 


The registered Holder of this Note may be
treated as the owner of it for all purposes.]


 


		10.	Unclaimed Money



 


If money for the payment of principal or interest
remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned
property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company and
not to the Trustee for payment.


 


		11.	Discharge Prior to Redemption or Maturity



 


Subject to certain conditions set forth in
the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the Company
deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations for the payment of principal of and interest on the
Notes to redemption or maturity, as the case may be.


 




    	Exhibit A-10



    	 



    

 


		12.	Amendment, Waiver



 


Subject to certain exceptions set forth in
the Indenture, (i) the Indenture or the Notes may be amended or supplemented with the written consent of the Holders of at least
a majority in principal amount of the then Outstanding Notes and (ii) any default (other than with respect to nonpayment or in
respect of a provision that cannot be amended or supplemented without the written consent of each Holder affected) or noncompliance
with any provision may be waived with the written consent of the Holders of a majority in aggregate principal amount of the then
Outstanding Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company and
the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, omission, defect or
inconsistency, or to comply with Article IV of the Base Indenture, or to provide for uncertificated Notes in addition to
or in place of Certificated Notes, or to add Note Guarantees with respect to the Notes or to secure the Notes, or to add additional
covenants of the Company or the Note Guarantors for the benefit of the Holders or surrender rights and powers conferred on the
Company or the Note Guarantors, or to make any change that does not adversely affect the rights of any Holder in any material respect,
or to provide for the issuance of Additional Notes, or to conform the text of the Indenture, Note Guarantees or the Notes to any
provision of the “Description of Notes” section of the Offering Circular to the extent that such provision in such
“Description of Notes” section was intended to be a verbatim recitation of a provision of the Indenture, the Note Guarantees
or the Notes, or to make any amendment to the provisions of the Indenture relating to the transfer and legending of Notes as permitted
by the Indenture, including, without limitation, to facilitate the issuance and administration of the Notes; provided, however,
that (i) compliance with the Indenture as so amended would not result in Notes being transferred in violation of the Securities
Act or any applicable securities laws and (ii) such amendment does not materially and adversely affect the rights of Holders to
transfer Notes.


 


		13.	Defaults and Remedies



 


If an Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of Outstanding Notes may declare all the Notes to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default, which will result in the Notes being due and payable
immediately upon the occurrence of such Events of Default.


 


Holders may not enforce the Indenture or the
Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity
satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Outstanding Notes may direct
the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event
of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice
is in their interest.


 




    	Exhibit A-11



    	 



    

 


		14.	Trustee Dealings with the Company and the Note
Guarantors



 


Subject to certain limitations set forth in
the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes
and may otherwise deal with and collect obligations owed to it by the Company, any Note Guarantor or their Affiliates and may otherwise
deal with the Company, any Note Guarantor or their Affiliates with the same rights it would have if it were not Trustee. Any Paying
Agent, Registrar or co-Registrar may do the same with like rights.


 


		15.	No Recourse Against Others



 


An incorporator, director, officer, employee,
stockholder or controlling Person, as such, of the Company or any Note Guarantor will not have any liability for any obligations
of the Company or any Note Guarantor under the Notes (including the Note Guarantees) or this Indenture or for any claims based
on, in respect of, or by reason of, such obligations or their creation. By accepting a Note, each Holder waives and releases all
such liability. The waiver and release are part of the consideration for issuance of the Notes.


 


		16.	Authentication



 


This Note shall not be valid until an authorized
signatory of the Trustee (or an Authenticating Agent) manually signs the certificate of authentication on the other side of this
Note.


 


		17.	Abbreviations



 


Customary abbreviations may be used in the
name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants
with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (= Uniform Gift to Minors Act).


 


		18.	CUSIP or ISIN Numbers



 


Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures the Company has caused CUSIP, ISIN or other similar numbers to be printed
on the Notes and has directed the Trustee to use CUSIP, ISIN or other similar numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon.


 


		19.	Governing Law



 


This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.


 


		20.	Currency of Account; Conversion of Currency.



 


U.S. Legal Tender is the sole currency of
account and payment for all sums payable by the Company and the Note Guarantors under or in connection with the Notes or
the Indenture, including damages. The Company and the Note Guarantors will indemnify the Holders as provided in respect of the
conversion of currency relating to the Notes and the Indenture.


 




    	Exhibit A-12



    	 



    

 


		21.	Agent for Service; Submission to Jurisdiction;
Waiver of Immunities.



 


The Company and the Note Guarantors have agreed
that any suit, action or proceeding against the Company brought by any Holder or the Trustee arising out of or based upon the Indenture
or the Notes may be instituted in any state or federal court in the Borough of Manhattan, New York City, New York. The Company
and the Note Guarantors have irrevocably submitted to the non-exclusive jurisdiction of such courts for such purpose and waived,
to the fullest extent permitted by law, trial by jury and any objection they may now or hereafter have to the laying of venue of
any such proceeding, and any claim they may now or hereafter have that any proceeding in any such court is brought in an inconvenient
forum. The Company and the Note Guarantors have appointed Corporation Service Company as each of their authorized agent upon whom
all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon the Indenture or
the Notes which may be instituted in any federal or state court in the Borough of Manhattan, New York City. To the extent that
any of the Company and the Note Guarantors has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action,
suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment
in aid or otherwise) with respect to itself or any of its property, each of the Company and the Note Guarantors has irrevocably
waived and agreed not to plead or claim such immunity in respect of their obligations under the Indenture or the Notes.


 


The Company will furnish to any Holder upon
written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type.
Requests may be made to:


 


c/o MDC
Partners Inc.


745 Fifth Avenue, 19th Floor


New York, NY 10151


Attention:        General Counsel


Telephone:      (646) 429-1803 


Facsimile:       (212) 937-4365


 




    	Exhibit A-13



    	 



    

 


[Include for Certificated Notes only:


 


ASSIGNMENT FORM


 


To assign this Note, fill in the form below:


 


I or we assign and transfer this Note to


 


	 	 	 
	 	(Print or type assignee’s name, address and zip code)	 
	 	 	 
	 	 	 
	 	(Insert assignee’s Social Security or Tax I.D. No.)	 


 


and irrevocably appoint _________________________
as agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.


 


	Date:	 	 	Your Signature:	 


 


	Signature Guarantee:	 	 
	 	(Signature must be guaranteed)


 


	 
	Sign exactly as your name appears on the other side of this Note.


 


The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-15.]


 




    	Exhibit A-14



    	 



    

 


[To be attached to Global Notes only:


 


SCHEDULE A


 


SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE


 


The following increases or decreases in this
Global Note have been made:


 


	Date of

Exchange	 	Amount of decrease in Principal

    Amount of this Global Note	 	Amount of increase in Principal

    Amount of this Global Note	 	Principal Amount of this Global

    Note following such decrease or

    increase	 	Signature of authorized

    signatory of Trustee or Note

    Custodian	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	]


 




    	Exhibit A-15



    	 



    

 


OPTION OF HOLDER TO ELECT PURCHASE


 


If you want to elect to have this Note purchased
by the Company pursuant to Section 3.12 or 3.21 of the Indenture, check either box:


 


	 	 ̈	 ̈	 
	 	Section 3.12	Section 3.21	 


 


If you want to elect to have only part of
this Note purchased by the Company pursuant to Section 3.12 or 3.21 of the Indenture, state the principal amount
(which must equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) that you want to have purchased by the Company:
$_________________


 


	Date:	 	 	Your Signature	 
	 	 	(Sign exactly as your name appears on the
	 	 	other side of the Note)


 


	Signature Guarantee:	 	 
	 	(Signature must be guaranteed)	 


 


The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-15.


 




    	Exhibit A-16