Document:

Exhibit 10.5

 

Progress Acquisition Corp. 

50 Milk Street, 16th Floor

Boston, MA 02109

 

September 30, 2020 

Progress Capital I, LLC

50 Milk Street, 16th Floor

Boston, MA 02109

 

RE: Securities Subscription Agreement

 

 Ladies and Gentlemen:

 

This agreement (the
“Agreement”) is entered into on September 13, 2020 by and between Progress Capital I, LLC, a Delaware limited
liability company (the “Subscriber” or “you”), and Progress Acquisition Corp., a Delaware
corporation (the “Company,” “we” or “us”). Pursuant to the terms hereof,
the Company hereby accepts the offer the Subscriber has made to purchase 3,593,750 shares of Class B common stock, $0.0001 par
value per share (the “Shares”), up to 468,750 of which are subject to forfeiture by you if the underwriters
of the initial public offering (“IPO”) of units (“Units”) of the Company, do not fully exercise
their over-allotment option (the “Over-allotment Option”). The Company and the Subscriber’s agreements
regarding such Shares are as follows:

 

1. Purchase
of Securities.

 

1.1. Purchase
of Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving in cash,
the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject
to forfeiture, on the terms and subject to the conditions set forth in this Agreement.  Concurrently
with the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate
registered in the Subscriber’s name representing the shares (the “Original Certificate”), or effect such
delivery in book-entry form.

 

2. Representations,
Warranties and Agreements.

 

2.1. Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.     No
Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the offering of the Shares.

 

2.1.2.     No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the
Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation
to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3.     Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws
of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against Subscriber
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

    	 	1	 

     

    

 

2.1.4.     Experience,
Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite
period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore cannot be
sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is
capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.
Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration
statement under the Securities Act or (ii) an exemption from registration available with respect to such sale. Subscriber is able
to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the
Shares.

 

2.1.5.     Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s
own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and
the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information
or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations
or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6.     Regulation
D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated
hereby is being made in reliance on a private placement exemption to “accredited investors” within the meaning of Section
501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7.     Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and
not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The
Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the
meaning of Rule 502 under the Securities Act.

 

2.1.8.     Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering
within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within
the meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands that the certificates or book-entries representing
the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge
or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration
under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that if any transfer of its Shares
or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver
to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not
to resell the Shares. Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available
to the Subscriber for the resale of the Shares until one year following consummation of the initial business combination of the
Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9.     No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2. Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1.     Organization
and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results
or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

    	 	2	 

     

    

 

2.2.2.     No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or By Laws
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or
regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3.     Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly
issued, fully paid and non-assessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber
will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a)
transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber
in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due
to the actions of the Subscriber.

 

2.2.4.     No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement
or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection
with any transactions.

 

3. Forfeiture
of Shares.

 

3.1. Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO
is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares)
shall forfeit any and all rights to such number of Shares (up to an aggregate of 750,000 Shares and pro rata based upon the percentage
of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial
stockholders prior to the IPO, if any) will own an aggregate number of Shares, not including Shares issuable upon exercise of any
warrants or any Common Stock purchased by Subscriber in the IPO or in the aftermarket equal to 20% of the issued and outstanding
Shares immediately following the IPO.

 

3.2. Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber
(or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such
action as is appropriate to cancel such forfeited Shares.

 

3.3. Share
Certificates. In the event an adjustment to the Original Certificates, if any, is required
pursuant to this Section 3, then the Subscriber shall return such Original Certificates to the Company or its designated agent
as soon as practicable upon its receipt of notice from the Company advising Subscriber of such adjustment, following which a new
certificate (the “New Certificate”), if any, shall be issued in such amount representing the adjusted number
of Shares held by the Subscriber. The New Certificate, if any, shall be returned to the Subscriber as soon as practicable. Any
such adjustment for any uncertificated securities held by the Subscriber shall be made in book-entry form.

 

4. Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber
hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust
account which will be established for the benefit of the Company’s public stockholders and into which substantially all of
the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company
upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the
Subscriber purchases Shares in the IPO or in the aftermarket, any additional Shares so purchased shall be eligible to receive any
liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem any Shares into funds
held in the Trust Account upon the successful completion of an initial business combination.

 

    	 	3	 

     

    

 

5. Restrictions
on Transfer.

 

5.1. Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to
sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed
to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to the
Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and
the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities laws. 

 

5.2. Lock-up.
Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”) contained
in the Insider Letter.

 

5.3. Restrictive
Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL,
IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF
THE LOCKUP.”

 

5.4. Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section
3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class
of Shares subject to this Section 5 and Section 3.

 

5.5. Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a registration rights agreement to be entered into with the Company prior to the closing of the IPO.

 

6. Other
Agreements.

 

6.1. Further
Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary
to carry out the intent of this Agreement.

 

6.2. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

    	 	4	 

     

    

 

6.3. Entire
Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the
form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the
entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement. 

 

6.4. Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.5. Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.6. Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7. Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.

 

6.9. Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10. No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

6.11. Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

6.12. No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

    	 	5	 

     

    

 

6.13. Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14. Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15. Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

6.16. Mutual
Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7. Voting
and Tender of Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the Company negotiates
and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such Shares. Additionally,
the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the Company’s stockholders
in connection with an initial business combination negotiated by the Company.

 

8.    Indemnification.
Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses)
incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

    	 	6	 

     

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us. 

 

	 	Very truly yours,
	 	 
	 	PROGRESS ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Richard Gallagher
	 	 	Name: Richard Gallagher 
	 	 	Title:  Chief Financial Officer

 	Accepted and agreed as of the date first written above.	 
	 	 
	PROGRESS CAPITAL I, LLC	 
	 	 
	By:	
        /s/ David Arslanian
	 
	 	Name: David Arslanian	 
	 	Title:  Managing Member 	 
	 	 	 
	By:	
        /s/ Richard Gallagher
	 
	 	Name: Richard Gallagher	 
	 	Title:  Managing Member 	 
	 	 	 
	By:	
        /s/ Warren Schlichting
	 
	 	Name: Warren Schlichting	 
	 	Title:  Managing Member 	 

 

[Signature
Page to Securities Subscription Agreement]

 

 

7Exhibit 4.1

 

SECOND
Supplemental Indenture

 

This Second Supplemental
Indenture, dated as of January 13, 2021 (this “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 (the “Trustee”).

 

WITNESSETH:

 

WHEREAS, each
of the Company, the Note Guarantors and the Trustee have heretofore executed and delivered an Indenture, dated as of March 23,
2016 (the “Original Indenture” as supplemented by that certain first supplemental indenture, dated as of September 16,
2020 (the “First Supplemental Indenture”; and together with the Original Indenture, the “Indenture”),
providing for the issuance of 6.500% Senior Notes due 2024 of the Company (the “Notes”);

 

WHEREAS, Section 9.1
(Without Consent of Holders) of the Indenture permits the Company, the Note Guarantors and the Trustee to amend or supplement
the Indenture or the Notes without notice to or consent of any Holder to, among other matters, add to the covenants of the Company
or the Note Guarantors for the benefit of the Holders, and make any change that does not adversely affect the rights of any Holder
in any material respect;

 

WHEREAS, the
Company now wishes to amend the terms of the Indenture and the Notes in order to increase, with effect from December 21, 2020,
the rate of interest payable in respect of the Notes from 6.500% to 7.500%, on the terms described in this Supplemental Indenture;

 

WHEREAS, pursuant
to Section 9.6 (Trustee to Sign Amendments and Supplements) of the Indenture, the Trustee is authorized to execute
and deliver this Supplemental Indenture without the consent of any Holder; and

 

WHEREAS, the
Company has requested and hereby requests that the Trustee join with it in the execution of this Supplemental Indenture and all
acts and things necessary to make this Supplemental Indenture a legal, valid and binding obligation of the Company and the Note
Guarantors have been done and performed;

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Company, the Note Guarantors and the Trustee hereby agree as follows:

 

ARTICLE I

 

Section 1.1. Defined
terms. Unless otherwise defined in this Supplemental Indenture, terms defined in the Indenture are used herein as
therein defined.

 

Article II

 

Section 2.1. Increase
in rate. With effect as of and from and including December 21, 2020, the interest rate on the Notes under the
Indenture is hereby increased from 6.500% to 7.500% (the “Rate Increase”).

 

Section 2.2 Amendments
to the Indenture. In connection with the Rate Increase, and with effect as of and from and including
December 21, 2020, and without any further action by any party hereto, the Indenture is hereby amended as follows:

 

(a)            The
cover page of the Original Indenture is amended by deleting the number “6.500%” and replacing it with “7.500%”.

 

    

     

    

 

(b)            The
text in the second paragraph of the Original Indenture is amended by deleting the number “6.500%” and replacing it
with “7.500%”.

 

(c)            The
definition of “Notes” set out in Section 1.1 (Definitions) is deleted and replaced in full with the following
definition

 

“Notes” means
the Company’s 7.500% Senior Notes due 2024 issued and authenticated pursuant to this Indenture (including, without limitation,
Additional Notes).

 

(d)            The
FORM OF FACE OF NOTE set out on page A-3 of Exhibit A to the Indenture is amended by deleting the words “6.500%
Senior Notes due 2024” and replacing them with “7.500% Senior Notes due 2024”.

 

(e)            The
FORM OF REVERSE SIDE OF NOTE set out on page A-5 of Exhibit A to the Indenture is amended by deleting the words
 “6.500% Senior Notes due 2024” and replacing them with “7.500% Senior Notes due 2024”.

 

(f)            The
first recital to the FORM OF SUPPLEMENTAL INDENTURE FOR ADDITIONAL NOTE GUARANTEE set out on page D-1 of Exhibit D
to the Indenture is amended by deleting the words “6.500% Senior Notes due 2024” and replacing them with “7.500%
Senior Notes due 2024”.

 

(g)            The
first recital to First Supplemental Indenture is amended by deleting the words “6.500% Senior Notes due 2024” and replacing
them with “7.500% Senior Notes due 2024”.

 

ARTICLE III

 

Section 3.1 References
to Indenture. All references to the “Indenture” in the Indenture or in any other document executed or delivered
in connection therewith shall, from and after the execution and delivery of this Supplemental Indenture, be deemed a reference
to the Indenture as amended hereby, unless the context expressly requires otherwise.

 

Section 3.2 Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

Section 3.3 Severability.
In case any provision in this 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 Ratification of Indenture;
Supplemental Indenture Part of Indenture. Except as expressly amended 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 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.

 

Section 3.5 Duplicate
and Counterpart Originals. The parties may sign any number of copies of this Supplemental Indenture. One signed copy is
enough to prove this Supplemental Indenture. This 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.

 

    

     

    

 

The exchange of copies
of this Supplemental Indenture and of signature pages by facsimile or electronic (i.e., “pdf” or “tif”)
transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may
be used in lieu of the original Supplemental Indenture for all purposes. The exchange of copies of this Supplemental Indenture
and of signature pages that are executed by manual signatures that are scanned, photocopied or faxed or by other electronic
signing created on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign), in each case that is approved
by the Trustee, shall constitute effective execution and delivery of this Supplemental Indenture for all purposes. Signatures of
the parties hereto that are executed by manual signatures that are scanned, photocopied or faxed or by other electronic signing
created on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign), in each case that is approved
by the Trustee, shall be deemed to be their original signatures for all purposes of this Supplemental Indenture as to the parties
hereto and may be used in lieu of the original.

 

Anything in this Supplemental
Indenture or the Notes to the contrary notwithstanding, for the purposes of the transactions contemplated by this Supplemental
Indenture, the Notes and any document to be signed in connection with the Indenture or the Notes (including the Notes and amendments,
supplements, waivers, consents and other modifications, Officers’ Certificates, Company Orders and Opinions of Counsel and
other documents) or the transactions contemplated hereby may be signed by manual signatures that are scanned, photocopied or faxed
or other electronic signatures created on an electronic platform (such as DocuSign) or by digital signature (such as Adobe Sign),
in each case that is approved by the Trustee, and contract formations on electronic platforms approved by the Trustee, and the
keeping of records in electronic form, are hereby authorized, and each shall be of the same legal effect, validity or enforceability
as a manually executed signature in ink or the use of a paper-based recordkeeping system, as the case may be.

 

Section 3.6 Headings.
The headings of the Sections in this 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.

 

Section 3.7 The
Trustee. The Trustee makes no representation or warranty as to the validity or sufficiency of this 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.

 

[Signature pages follow]

 

    

     

    

 

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

 

	 	MDC PARTNERS INC.,
	 	as Company
	 	 	 
	 	 	 
	 	By:	/s/ David
    Ross
	 	Name:	David Ross
	 	Title:	Executive Vice President,
	 	 	General Counsel and Secretary

 

[Signature Page to
Second Supplemental Indenture]

 

    

     

    

 

	6 DEGREES INTEGRATED COMMUNICATIONS CORP.

 

72ANDSUNNY PARTNERS LLC

 

72ANDSUNNY NL B.V.

 

7THFL LLC

 

ACCUMARK PARTNERS INC.

 

ACE CONTENT LLC

 

ALLISON & PARTNERS LLC

 

ALLISON + PARTNERS UK LIMITED

 

ANOMALY B.V.

 

ANOMALY INC.

 

ANOMALY UK LIMITED as member for and on behalf of ANOMALY
LONDON LLP

 

ANOMALY PARTNERS LLC

 

ANOMALY PARTNERS LA LLC

 

ANOMALY UK LIMITED

 

ATTENTION PARTNERS LLC

 

BOOM MARKETING INC.

 

BRUCE MAU DESIGN INC.

 

BRUCE MAU DESIGN (USA) LLC

 

BRUCE MAU HOLDINGS LTD.

	 	COLLE & MCVOY LLC

 

CONCENTRIC PARTNERS LLC

 

CRISPIN PORTER & BOGUSKY LTD.

 

CRISPIN PORTER & BOGUSKY LLC

 

DONER PARTNERS LLC

 

DOTGLU LLC

 

FORSMAN & BODENFORS AKTIEBLOAG

 

FORSMAN & BODENFORS FACTORY AB

 

FORSMAN & BODENFORS STUDIOS AB

 

GALE PARTNERS INC.

 

GALE PARTNERS LLC

 

GALE PARTNERS LP (f/k/a GALE 43 PARTNERS LP)

 

HECHO STUDIOS LLC

 

HELLO DESIGN, LLC

 

HPR PARTNERS, LLC

 

INSTRUMENT LLC

 

IR OLDCO LLC (f/k/a SLOANE & COMPANY LLC)

 

KBP HOLDINGS LLC

 

KBS+P CANADA LP

KBS+P CANADA SEC

 

By: MDC Canada GP Inc.

 

Its general partner

	 	

KENNA COMMUNICATIONS GP INC.

 

KENNA COMMUNICATIONS LP

 

By: Kenna Communications GP Inc.

 

Its general partner

 

KIRSHENBAUM BOND SENECAL & PARTNERS LLC

 

KWT GLOBAL LLC (f/k/a KWITTKEN LLC)

 

LAIRD + PARTNERS NEW YORK LLC

 

LAURIE, FOARD + WHEELER LLC

 

LEGEND PR PARTNERS, LLC

 

MAXXCOM GLOBAL MEDIA LLC

 

MAXXCOM (USA) FINANCE COMPANY

 

MAXXCOM (USA) HOLDINGS INC.

 

MAXXCOM INC.

 

MDC ACQUISITION INC.

 

MDC CANADA GP INC.

 

MDC CORPORATE (US) INC.

 

MDC EUROPE LTD.

 

MDC GALE43 GP INC.

 

MDC INNOVATION PARTNERS LLC

 

MDC PARTNERS UK HOLDINGS LTD.

  

 

    

     

    

 

	MONO ADVERTISING, LLC

 

NEW TEAM LLC

 

NORTHSTAR MANAGEMENT HOLDCO INC.

 

NORTHSTAR RESEARCH GP LLC

 

NORTHSTAR RESEARCH HOLDINGS CANADA INC.

 

NORTHSTAR RESEARCH HOLDINGS USA LP

 

By: Northstar Research GP LLC

 

Its general partner

	 	NORTHSTAR RESEARCH PARTNERS INC.

 

NORTHSTAR RESEARCH PARTNERS (UK) LIMITED

 

NORTHSTAR RESEARCH PARTNERS (USA) LLC

 

PLUS PRODUCTIONS, LLC

 

REDSCOUT LLC

 

RELEVENT PARTNERS LLC

 

SOURCE MARKETING LLC

 

STORYLINE STRATEGIES LLC (f/k/a LUNTZ GLOBAL PARTNERS LLC)

 

STUDIO PICA INC.

 

TARGETCAST LLC

 

TC ACQUISITION INC.

 

THE ARSENAL LLC

	 	TRADE X PARTNERS LLC

 

UNION ADVERTISING CANADA LP

 

By: MDC Canada GP Inc.

 

Its general partner

 

UNIQUE INFLUENCE PARTNERS LLC

 

VARICK MEDIA MANAGEMENT LLC

 

VERITAS COMMUNICATIONS INC.

 

VITRO PARTNERS LLC

 

VITROROBERTSON LLC

 

YAMAMOTO, INC. (f/k/a YAMAMOTO MOSS MACKENZIE, INC.)

 

Y MEDIA LABS LLC

 

ZYMAN GROUP, LLC

 

 

	 	On behalf of each of the above Note Guarantors
	 	 	 
	 	 	 
	 	By:	/s/ David
    Ross
	 	Name:	David Ross
	 	Title:	Authorized Signatory

 

[Signature Page to Second Supplemental
Indenture]

 

    

     

    

 

	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 	 
	 	 	 
	 	By:	/s/ Francine
    Kincaid
	 	Name:	Francine Kincaid
	 	Title:	Vice President

 

[Signature Page to Second Supplemental
Indenture]

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