Document:

Exhibit
      10.3

     

    EMPLOYMENT
      AGREEMENT

     

    THIS
      EMPLOYMENT AGREEMENT dated effective as of July 1, 2006, between Perficient,
      Inc. a Delaware corporation (the “Company”), and Jeffrey S. Davis (“Employee”).

     

    WITNESSETH:

     

    WHEREAS,
      the Company desires that Employee continue to be employed by it and render
      services to it, and Employee is willing to be so employed and to render such
      services to the Company, all upon the terms and subject to the conditions
      contained herein.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants and agreements contained
      herein, and other good and valuable consideration, the receipt and sufficiency
      of which are hereby acknowledged, the parties agree as follows:

     

    1.  EMPLOYMENT.
      Subject to and upon the terms and conditions contained in this Agreement, the
      Company hereby agrees to continue to employ Employee and Employee agrees to
      continue in the employ of the Company, for the period set forth in paragraph
      2
      hereof, to render to the Company, its affiliates and/or subsidiaries the
      services described in paragraph 3 hereof.

     

    2.  TERM.
      Employee’s term of employment under this Agreement shall be three years,
      commencing as of the date hereof and continuing through and including June
      30,
      2009, unless extended in writing by mutual agreement of the parties or earlier
      terminated pursuant to the terms and conditions set forth herein (the
“Employment Term”).

     

    3.  DUTIES.

     

    (a)  Employee
      shall serve as the President and Chief Operating Officer of the Company,
      reporting directly to the Chief Executive Officer of the Company (the “CEO”).
      Employee shall perform all duties and services incident to the positions held
      by
      him.

     

    (b)  Employee
      agrees to abide by all By-laws and policies of the Company promulgated from
      time
      to time by the Company.

     

    4.  BEST
      EFFORTS. Employee agrees to devote his full business time and attention, as
      well
      as his best efforts, energies and skill to the discharge of the duties and
      responsibilities attributable to his position.

     

    5.  COMPENSATION.

     

    (a)  As
      compensation for his services and covenants hereunder, Employee shall receive
      a
      base salary (“Base Salary”), payable pursuant to the Company’s normal payroll
      procedures in place from time to time, at the rate of $250,000 per annum, less
      all necessary and required federal, state and local payroll deductions. The
      CEO
      may decide, in his sole discretion, to increase Employee’s Base Salary from time
      to time during the term of this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)  Each
      year, Employee shall be eligible to receive a bonus of up to two-hundred percent
      (200%) of his Base Salary (“Target Bonus”), less all necessary and required
      federal, state and local payroll deductions. The criteria for determining the
      amount of the bonus, and the conditions that must be satisfied to entitle
      Employee to receive the bonus for any year during the term of this Agreement
      shall be determined by the CEO, in his sole discretion but in a manner
      consistent with that used to determine Employee’s bonus in prior years. Payment
      of any bonus to Employee shall be in accordance with bonus policies established
      from time to time by the Company.

     

    6.  EXPENSES.
      Employee shall be reimbursed for business expenses incurred by him which are
      reasonable and necessary for Employee to perform his duties under this Agreement
      in accordance with policies established from time to time by the Company.
      Employee shall receive reimbursement for other expenses consistent with past
      practice and as approved by the CEO.

     

    7.  EMPLOYEE
      BENEFITS.

     

    (a)  During
      the Employment Term and any severance period hereunder, Employee shall be
      entitled to participate in such insurance, disability, health and medical
      benefits and retirement plans or programs as are from time to time generally
      made available to executive employees of the Company pursuant to the policies
      of
      the Company; provided that Employee shall be required to comply with the
      conditions attendant to coverage by such plans and shall comply with and be
      entitled to benefits only to the extent former employees are eligible to
      participate in such arrangements pursuant to the terms of the arrangement,
      any
      insurance policy associated therewith and applicable law, and, further, shall
      be
      entitled to benefits only in accordance with the terms and conditions of such
      plans. The Company may withhold from any benefits payable to Employee all
      federal, state, local and other taxes and amounts as shall be permitted or
      required to be withheld pursuant to any applicable law, rule or regulation.
      

     

    (b)  Employee
      shall be entitled to vacation in accordance with the Company’s policies as may
      be established from time to time by the Company for its executive staff, which
      shall be taken at such time or times as shall be mutually agreed upon with
      the
      Company.

     

    8.  DEATH
      AND
      DISABILITY.

     

    (a)  The
      Employment Term shall terminate on the date of Employee’s death, in which event
      the Company shall, within 30 days of such termination, pay to his estate,
      Employee’s Base Salary, any unpaid cash bonus awards, reimbursable expenses and
      benefits owing to Employee through the date of Employee’s death together with a
      lump-sum equal to one year’s Base Salary and Target Bonus. Except as otherwise
      contemplated by this Agreement, Employee’s estate will not be entitled to any
      other compensation upon termination of this Agreement pursuant to this
      subparagraph 8(a). 

     

    (b)  The
      Employment term shall terminate upon Employee’s Disability. For purposes of this
      Agreement, “Disability” shall mean the CEO’s reasoned and good faith judgment
      that Employee is unable to engage in any substantial gainful activity by reason
      of any medically determinable physical or mental impairment which can be
      expected to result in death or can by expected to last for a continuous period
      of not less than 12 months. The reasoned and good faith judgment of the CEO
      as
      to Disability shall be based on such competent medical evidence as shall be
      presented to it by Employee and/or by any physician or group of physicians
      or
      other competent medical experts employed by Employee or the Company to advise
      the CEO. In case of such termination, Employee shall be entitled to receive
      his
      Base Salary, any unpaid bonus awards, reimbursable expenses and benefits owing
      to Employee through the date of termination. In addition, the Company shall
      pay
      to Employee an amount equal to one year’s Base Salary and Target Bonus, payable
      in installments through regular payroll over the one year period commencing
      on
      the termination date. Except as otherwise contemplated by this Agreement,
      Employee will not be entitled to any other compensation upon termination of
      his
      employment pursuant to this subparagraph 8(b).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    9.  TERMINATION.
      

     

    (a)  The
      Company shall have the right, upon delivery of written notice to the Employee,
      to terminate the Employee’s employment hereunder prior to the expiration of the
      Employment Term (i) pursuant to a Termination for Cause or (ii) pursuant to
      a
      Without Cause Termination. The Employee shall have the right, upon delivery
      of
      written notice to the Company, to terminate his employment hereunder prior
      to
      the expiration of the Employment Term by providing the Company with not less
      than 30 days prior written notice. 

     

    (b)  In
      the
      event that the Company terminates the Employee’s employment pursuant to a
      Without Cause Termination or, if at any time prior to a Change of Control,
      Employee voluntarily terminates his employment pursuant to a Constructive
      Termination, the Company shall be obligated to pay Employee, within 30 days
      of
      the date of Employee’s termination or such later date as required by applicable
      law, in a lump-sum, his Base Salary, any unpaid bonus awards, reimbursable
      expenses and benefits owing to Employee through the day on which Employee is
      terminated, together with a severance payment to the Employee in an amount
      equal
      to one year’s Base Salary and Target Bonus. Employee shall also be entitled to
      benefits pursuant to paragraph 7 hereof for the one year period commencing
      on
      the termination date. No other cash payments shall be made, or benefits
      provided, by the Company under this Agreement in the event of a Without Cause
      Termination or a Constructive Termination; provided that all stock option grants
      and/or restricted stock grants previously awarded to Employee shall immediately
      vest in their entirety, regardless of the satisfaction of any conditions
      contained therein, in the event of a Without Cause Termination (but not a
      Constructive Termination). Except as otherwise contemplated by this Agreement,
      Employee will not be entitled to any other compensation upon termination of
      this
      Agreement pursuant to this subparagraph 9(b).

     

    (c)  In
      the
      event that the Company terminates the Employee’s employment hereunder due to a
      Termination for Cause or the Employee voluntarily terminates employment with
      the
      Company for any reason other than a Constructive Termination, the Employee
      shall
      not be entitled to any severance, except that the Company shall be obligated
      to
      pay Employee his Base Salary, any unpaid bonus awards, reimbursable expenses
      and
      benefits owing to Employee through the day on which Employee is terminated.
      Except as otherwise contemplated by this Agreement, Employee will not be
      entitled to any other compensation upon termination of this Agreement pursuant
      to this subparagraph 9(c).

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (d)  For
      purposes of this Agreement, the following terms have the following meanings:
      

     

    (i)  The
      term
“Termination for Cause” means, to the maximum extent permitted by applicable
      law, a termination of the Employee’s employment by the Company attributed to (a)
      the repeated or willful failure of Employee to substantially perform his duties
      hereunder (other than any such failure due to physical or mental illness) that
      has not been cured reasonably promptly after a written demand for substantial
      performance is delivered to Employee by the CEO, which demand identifies the
      manner in which the CEO believes that Employee has not substantially performed
      his duties hereunder; (b) conviction of, or entering a plea of guilty or
nolo
      contendere
      to a
      crime involving moral turpitude or dishonesty or to any other crime that
      constitutes a felony; (c) Employee’s intentional misconduct, gross negligence or
      material misrepresentation in the performance of his duties to the Company;
      or
      (d) the material breach by Employee of any written covenant or agreement with
      the Company under this Agreement or otherwise, including, but not limited to,
      an
      agreement not to disclose any information pertaining to the Company or not
      to
      compete with the Company, including (without limitation) the covenants and
      agreements contained in paragraph 11 hereof.

     

    (ii)  The
      term
“Without Cause Termination” means a termination of the Employee’s employment by
      the Company other than due to (a) a Termination for Cause, (b) Disability,
      (c)
      the Employee’s death, or (d) the expiration of this Agreement. 

     

    (iii)  The
      term
“Change of Control” means a Change of Control as defined in the Company’s
      Amended and Restated 1999 Stock Option/Stock Issuance Plan.

     

    (iv)  The
      term
“Constructive Termination” means Employee’s voluntary termination of his
      employment with the Company within 30 days of the appointment by the Board
      of
      Directors of the Company of a person other than John T. McDonald or the Employee
      as the Chief Executive Officer of the Company, provided that such appointment
      occurs prior to a Change of Control.

     

    10.  CHANGE
      IN
      CONTROL - TERMINATION OF EMPLOYMENT AND COMPENSATION IN EVENT OF
      TERMINATION.

     

    (a)  Upon
      the
      occurrence of a Change in Control, 50% of all unvested stock option grants
      and/or restricted stock grants previously awarded to Employee shall immediately
      vest, regardless of the satisfaction of any conditions contained therein. In
      addition, if the Company (or any successor thereto) terminates Employee’s
      employment with the Company pursuant to a Without Cause Termination in
      connection with or following a Change in Control, Employee shall be entitled
      to
      all the benefits set forth in subparagraph 9(b).

     

    (b)  In
      the
      event that any part of any payment or benefit received (including, without
      limitation, granting of and/or acceleration of vesting of stock options and
      restricted stock) pursuant to the terms of subparagraph 10(a) (the “Change of
      Control Payments) would be subject to the Excise Tax determined as provided
      below, then
      the
      Employee may elect, in the sole discretion of the Employee, to receive in-lieu
      of the amounts payable pursuant to paragraph 10(a) a lesser amount equal to
      $100
      less than 3.00 times the Employee’s “Annualized Includable Compensation” (within
      the meaning of Section 280G(d)(1) of the Code) (such amount the “Cut-Back
      Amount”) by eliminating the accelerated vesting to the extent necessary to
      reduce the payments and benefits under subparagraph 10(a) to the Cut-Back
      Amount. Any
      amounts paid as a result of an election by the Employee pursuant to this
      subparagraph 10(b) will be in full satisfaction of the amounts otherwise payable
      to the Employee pursuant to subparagraph 10(a) hereof. For
      purposes of determining whether any of the Change of Control Payments will
      be
      subject to the Excise Tax and the amounts of such Excise Tax; (1) the total
      amount of the Change of Control Payments shall be treated as “parachute
      payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess
      parachute payments” within the meaning of Section 280G(b)(1) of the Code shall
      be treated as subject to Excise Tax, except to the extent that, in the opinion
      of independent counsel selected by the Company and reasonably acceptable to
      the
      Employee (“Independent Counsel”), a Change of Control Payment (in whole or in
      part) does not constitute a “parachute payment” within the meaning of Section
      280G(b)(2) of the Code, or such “excess parachute payments” (in whole or in
      part) are not subject to the Excise Tax, (2) the amount of the Change of Control
      Payments that shall be treated as subject to the Excise Tax shall be equal
      to
      the lesser of (A) the total amount of the Change of Control Payments or (B)
      the
      amount of “excess parachute payments” within the meaning of Section 280G(b)(1)
      of the Code (after applying clause (1) hereof), and (3) the value of any noncash
      benefits or any deferred payment or benefit shall be determined by Independent
      Counsel in accordance with the principles of Sections 280G(d)(3) and (4) of
      the
      Code.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (c)  In
      the
      event of any change in, or further interpretation of, Sections 280G or 4999
      of
      the Code and the regulations promulgated thereunder, the Employee shall be
      entitled, by written notice to the Company, to request an opinion of Independent
      Counsel regarding the application of such change or interpretation to any of
      the
      foregoing, and the Company shall use its best efforts to cause such opinion
      to
      be rendered as promptly as practicable. Any fees and expenses of Independent
      Counsel incurred in connection with this Agreement shall be borne by the
      Employee.

     

    11.  DISCLOSURE
      OF TRADE SECRETS AND OTHER PROPRIETARY INFORMATION; RESTRICTIVE
      COVENANTS.

     

    (a)  Employee
      acknowledges that he is bound by the terms of the Company’s Confidentiality and
      Intellectual Property Agreement. The Company will provide Employee with valuable
      confidential information belonging to the Company or its subsidiaries or its
      affiliates above and beyond any confidential information previously received
      by
      Employee and will associate Employee with the goodwill of the Company or its
      subsidiaries or its affiliates above and beyond any prior association of
      Employee with that goodwill. In return, Employee promises never to disclose
      or
      misuse such confidential information and never to misuse such goodwill. To
      enforce Employee’s promises in this regard, Employee agrees to comply with the
      provisions of this paragraph 11.

     

    (b)  Employee
      will not, during the Employment Term, directly or indirectly, as an employee,
      employer, consultant, agent, principal, partner, manager, stockholder, officer,
      director, or in any other individual or representative capacity, engage in
      or
      participate in any other business that is competitive with the business of
      providing information technology software consulting services. The ownership
      by
      Employee of 5% or less of the issued and outstanding shares of a class of
      securities which is traded on a national securities exchange or in the
      over-the-counter market, shall not cause Employee to be deemed a stockholder
      under this subparagraph 11(b) or constitute a breach of this subparagraph 11(b).
      

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (c)  Employee
      will not, during the Employment Term and for a period of 60 months thereafter,
      directly or indirectly, work in the United States as an employee, employer,
      consultant, agent, principal, partner, manager, stockholder, officer, director,
      or in any other individual or representative capacity for any person or entity
      who is competitive with the business of providing information technology
      software consulting services. The ownership by Employee of 5% or less of the
      issued and outstanding shares of a class of securities which is traded on a
      national securities exchange or in the over-the-counter market, shall not cause
      Employee to be deemed a stockholder under this subparagraph 11(c) or constitute
      a breach of this subparagraph 11(c).

     

    (d)  Employee
      will not, during the Employment Term and for a period of 60 months thereafter,
      on his behalf or on behalf of any other business enterprise, directly or
      indirectly, under any circumstance other than at the direction and for the
      benefit of the Company, (i) solicit for employment or hire any person employed
      by the Company or any of its subsidiaries, or (ii) call on, solicit, or take
      away any person or entity who was a customer of the Company or any of its
      subsidiaries or affiliates during Employee’s employment with the Company, in
      either case for a business that is competitive with the business of providing
      information technology software consulting services.

     

    (e)  It
      is
      expressly agreed by Employee that the nature and scope of each of the provisions
      set forth above in this paragraph 11 are reasonable and necessary. If, for
      any
      reason, any aspect of the above provisions as it applies to Employee is
      determined by a court of competent jurisdiction to be unreasonable or
      unenforceable under applicable law, the provisions shall be modified to the
      extent required to make the provisions enforceable. Employee acknowledges and
      agrees that his services are of unique character and expressly grants to the
      Company or any subsidiary or affiliate of the Company or any successor of any
      of
      them, the right to enforce the above provisions through the use of all remedies
      available at law or in equity, including, but not limited to, injunctive
      relief.

     

    12.  COMPANY
      PROPERTY.

     

    (a)  Any
      patents, inventions, discoveries, applications or processes designed, devised,
      planned, applied, created, discovered or invented by Employee during the
      Employment Term, regardless of when reduced to writing or practice, which
      pertain to any aspect of the Company’s or its subsidiaries’ or affiliates’
business as described above shall be the sole and absolute property of the
      Company, and Employee shall promptly report the same to the Company and promptly
      execute any and all documents that may from time to time reasonably be requested
      by the Company to assure the Company the full and complete ownership
      thereof.

     

    (b)  All
      records, files, lists, including computer generated lists, drawings, documents,
      equipment and similar items relating to the Company’s business which Employee
      shall prepare or receive from the Company shall remain the Company’s sole and
      exclusive property. Upon termination of this Agreement, Employee shall promptly
      return to the Company all property of the Company in his possession. Employee
      further represents that he will not copy or cause to be copied, print out or
      cause to be printed out any software, documents or other materials originating
      with or belonging to the Company. Employee additionally represents that, upon
      termination of his employment with the Company, he will not retain in his
      possession any such software, documents or other materials. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    13.  EQUITABLE
      RELIEF. It is mutually understood and agreed that Employee’s services are
      special, unique, unusual, extraordinary and of an intellectual character giving
      them a peculiar value, the loss of which cannot be reasonably or adequately
      compensated in damages in an action at law. Accordingly, in the event of any
      breach of this Agreement by Employee, including, but not limited to, the breach
      of any of the provisions of paragraphs 11 or 12 hereof, the Company shall be
      entitled to equitable relief by way of injunction or otherwise in addition
      to
      any damages which the Company may be entitled to recover.

     

    14.  CONSENT
      TO TEXAS JURISDICTION AND VENUE. The Employee hereby consents and agrees that
      state courts located in Travis County, Texas and the United States District
      Court for the Western District of Texas each shall have personal jurisdiction
      and proper venue with respect to any dispute between the Employee and the
      Company. In any dispute with the Company, the Employee will not raise, and
      hereby expressly waives, any objection or defense to any such jurisdiction
      as an
      inconvenient forum.

     

    15.  NOTICE.
      Except as otherwise expressly provided, any notice, request, demand or other
      communication permitted or required to be given under this Agreement shall
      be in
      writing, shall be sent by one of the following means to the Employee at his
      address set forth on the signature page of this Agreement and to the Company
      at
      1120 South Capital of Texas Highway, Building 3, Suite 220, Austin, Texas 78746,
      Attention: Chief Executive Officer (or to such other address as shall be
      designated hereunder by notice to the other parties and persons receiving
      copies, effective upon actual receipt), and shall be deemed conclusively to
      have
      been given: (a) on the first business day following the day timely deposited
      with Federal Express (or other equivalent national overnight courier) or United
      States Express Mail, with the cost of delivery prepaid or for the account of
      the
      sender; (b) on the fifth business day following the day duly sent by certified
      or registered United States mail, postage prepaid and return receipt requested;
      or (c) when otherwise actually received by the addressee on a business day
      (or
      on the next business day if received after the close of normal business hours
      or
      on any non-business day).

     

    16.  INTERPRETATION;
      HEADINGS. The parties acknowledge and agree that the terms and provisions of
      this Agreement have been negotiated, shall be construed fairly as to all parties
      hereto, and shall not be construed in favor of or against any party. The
      paragraph headings contained in this Agreement are for reference purposes only
      and shall not affect the meaning or interpretation of this
      Agreement.

     

    17.  SUCCESSORS
      AND ASSIGNS; ASSIGNMENT; INTENDED BENEFICIARIES. Neither this Agreement, nor
      any
      of Employee’s rights, powers, duties or obligations hereunder, may be assigned
      by Employee. This Agreement shall be binding upon and inure to the benefit
      of
      Employee and his heirs and legal representatives and the Company and its
      successors. Successors of the Company shall include, without limitation, any
      corporation or corporations acquiring, directly or indirectly, all or
      substantially all of the assets of the Company, whether by merger,
      consolidation, purchase, lease or otherwise, and such successor shall thereafter
      be deemed “the Company” for the purpose hereof.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    18.  NO
      WAIVER
      BY ACTION. Any waiver or consent from the Company respecting any term or
      provision of this Agreement or any other aspect of the Employee’s conduct or
      employment shall be effective only in the specific instance and for the specific
      purpose for which given and shall not be deemed, regardless of frequency given,
      to be a further or continuing waiver or consent. The failure or delay of the
      Company at any time or times to require performance of, or to exercise any
      of
      its powers, rights or remedies with respect to, any term or provision of this
      Agreement or any other aspect of the Employee’s conduct or employment in no
      manner (except as otherwise expressly provided herein) shall affect the
      Company’s right at a later time to enforce any such term or
      provision.

     

    19.  COUNTERPARTS;
      TEXAS GOVERNING LAW; AMENDMENTS; ENTIRE AGREEMENT; SURVIVAL OF TERMS. This
      Agreement may be executed in two counterpart copies, each of which may be
      executed by one of the parties hereto, but all of which, when taken together,
      shall constitute a single agreement binding upon all of the parties hereto.
      This
      Agreement and all other aspects of the Employee’s employment shall be governed
      by and construed in accordance with the applicable laws pertaining in the State
      of Texas (other than those that would defer to the substantive laws of another
      jurisdiction). Each and every modification and amendment of this Agreement
      shall
      be in writing and signed by the parties hereto, and any waiver of, or consent
      to
      any departure from, any term or provision of this Agreement shall be in writing
      and signed by each affected party hereto. This Agreement contains the entire
      agreement of the parties and supersedes all prior representations, agreements
      and understandings, oral or otherwise, between the parties with respect to
      the
      matters contained herein. In the event of any conflict between this Agreement
      and any Award Agreement, this Agreement shall control. Paragraphs 9 through
      13
      hereof (and paragraphs 14 through 19 hereof as they may apply to such
      paragraphs) shall survive the expiration or termination of this Agreement for
      any reason.

     

    [Signature
      page follows.]

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Employment Agreement as of
      the
      date first above written.

    

    
      
        	 	 	 
	 	
                PERFICIENT,
                  INC.

              
	 
 	 
 	 
 
	 	By:  	/s/ John
                T.
                McDonald
	 	
                
Name:
                John T. McDonald
	 	Title:
                Chief
                Executive Officer

      

  

    
      
        	 	/s/ Jeffrey S. Davis             8/3/06
	 	
                

                Jeffrey S. Davis, Individually

              
	 	 	 
	 	
                Address:  

              	
                One City Place Drive, Suite 190

                St. Louis, MO 63141

              
	 	Telephone:  	(314) 995-8810 
	 	Facsimile:	(314)
                995-8802

      

    

     

    
      SIGNATURE
        PAGE
        TO DAVIS
        EMPLOYMENT
        AGREEMENTExhibit 10.2
    

    

    AMENDMENT
      NO. 8

    

    

    AMENDMENT
      NO. 8 dated as of August 3, 2006 to the Credit Agreement referred to below,
      between MDC Partners Inc., a Canadian corporation (“MDC
      Partners”),
      Maxxcom Inc., an Ontario corporation (“Maxxcom
      Canada”),
      Maxxcom Inc., a Delaware corporation (“Maxxcom
      U.S.”
and
      together with MDC Partners and Maxxcom Canada, the “Borrowers”),
      each
      of the Lenders identified under the caption “LENDERS” on the signature pages
      hereto and JPMorgan Chase Bank, N.A., as U.S. administrative agent for the
      Lenders (in such capacity, the “U.S.
      Administrative Agent”).

    

    The
      Borrowers, the Lenders party thereto (individually, a “Lender”
and,
      collectively, the “Lenders”),
      the
      U.S. Administrative Agent, JPMCB, as Collateral Agent (in such capacity, the
      “Collateral
      Agent”),
      and
      JPMCB, Toronto Branch, as Canadian Administrative Agent (in such capacity,
      the
“Canadian
      Administrative Agent”
and
      together with the U.S. Administrative Agent, the “Administrative
      Agents”)
      are
      parties to a Credit Agreement dated as of September 22, 2004 (as amended, the
      “Credit
      Agreement”).
      The
      Borrowers and the Required Lenders wish to amend the Credit Agreement in certain
      respects, and accordingly, the parties hereto hereby agree as
      follows:

    

    Section
      1. Definitions.
      Capitalized terms used in this Amendment No. 8 and not otherwise defined are
      used herein as defined in the Credit Agreement (as amended hereby).

    

    Section
      2. Amendments.
      Effective as provided in Section 5 hereof, the Credit Agreement shall be amended
      as follows:

    

    2.01.
      References in the Credit Agreement (including references to the Credit Agreement
      as amended hereby) to “this Agreement” (and indirect references such as
“hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references
      to the Credit Agreement as amended hereby.

    

    2.02.
      Section 1.01 of the Credit Agreement is hereby amended by amending the following
      definition to read in its entirety as follows:

     

    “Capital
      Expenditures”
means,
      for any period, expenditures (including the aggregate amount of Capital Lease
      Obligations incurred during such period but excluding the interest component
      thereof) made by the Restricted Parties during such period to acquire or
      construct fixed assets, plant and equipment (including renewals, improvements
      and replacements, but excluding normal replacements and maintenance which are
      properly charged to current operations) that is required to be capitalized
      for
      financial reporting purposes in accordance with U.S. GAAP,
      provided
      that
      Capital Expenditures shall not include (a) for any period, Capital Expenditures
      (in an aggregate amount not to exceed U.S. $2,000,000 for any fiscal year)
      required to be reported on the statement of cash flows of MDC Partners in
      accordance with U.S. GAAP to the extent such Capital Expenditures have been
      funded during such period by a landlord of MDC Partners or any of its
      Subsidiaries (including the Minority-Owned Obligors) with respect to any
      improvements to property leased from such landlord by MDC Partners or any of
      its
      Subsidiaries (including the Minority-Owned Obligors) and (b) solely for the
      purposes of calculating the Fixed Charges Ratio as of any Test Period ending
      on
      or, as applicable, after September 30, 2006, Capital Expenditures made by Accent
      Marketing Services, L.L.C. and its Subsidiaries.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.03
      Section 7.06(p) of the Credit Agreement is hereby amended in its entirety to
      read as follows:

    

    “(p) Investments
      (in addition to Investments permitted under any of the foregoing clauses of
      this
      Section 7.06) in an aggregate amount not exceeding (i) at any time prior to
      the
      date of the Disposition in whole or in part of the Secure Products Business,
      U.S. $4,100,000 and (ii) at any time thereafter, U.S. $5,100,000.”

     

    2.04
      Section 8.06 of the Credit Agreement is hereby amended in its entirety to read
      as follows:

    “SECTION
      8.06. Capital
      Expenditures. (a)
      MDC
      Partners will not permit the aggregate amount of Capital Expenditures by the
      Restricted Parties in respect of the Marketing Communications Business and
      the
      Secure Products Business to exceed the following respective amounts with respect
      to such business for any fiscal year ending on the dates set forth
      below:

     

     

    
      	Fiscal Year Ending 	 	Amount (U.S. $)
	 	 	 
	 	
              Marketing
                Communications 

            	
              Secure
                Products

            
	 	 	 
	December 31, 2004	
              10,000,000

            	
              8,000,000

            
	December 31, 2005	
              10,000,000

            	
              3,500,000

            
	December 31, 2006	
              25,000,000

            	
              3,500,000

            
	December 31, 2007	
              10,000,000

            	
              3,500,000

            

    

     

    If
      the
      aggregate amount of Capital Expenditures with respect to any such business
      for
      any period set forth in the schedule above shall be less than the amount with
      respect to such business set forth opposite such period in the schedule above,
      then 100% of such shortfall shall be added to the amount of Capital Expenditures
      with respect to such business permitted for the immediately succeeding (but
      not
      any other) period and, for purposes hereof, the amount of Capital Expenditures
      made during any period shall be deemed to have been made first from the
      permitted amount for such period set forth in the schedule above and last from
      the amount of any carryover from any previous period. Notwithstanding the
      preceding sentence, if the aggregate amount of Capital Expenditures with respect
      to the Marketing Communications Business for the fiscal year ending on December
      31, 2006 shall exceed $10,000,000, then no such shortfall shall be added to
      the
      amount of Capital Expenditures permitted for the immediately succeeding
      period.

     

    If
      during
      any fiscal year specified in the table above (commencing with the fiscal year
      ending December 31, 2005) any Restricted Party shall consummate an acquisition
      of more than 50% of the Capital Stock of a Person principally and directly
      engaged in the Marketing Communications Business, the permitted amount of
      Capital Expenditures for “Marketing Communications” specified in such table for
      the current fiscal year and each successive fiscal year shall be increased
      by an
      amount equal to 10% of the “EBITDA” of such Person (calculated on the same basis
      as set forth in the definition of “EBITDA”) for the most recently completed
      fiscal year of such Person (which amount shall be determined in good faith
      by
      MDC Partners and certified to the Administrative Agent, based upon the audited
      financial statements (or, to the extent audited financial statements are not
      available, unaudited financial statements) of such Person for such fiscal year
      as furnished with such certification to the Administrative Agent).”

     

    Section
      3. Representations
      and Warranties.
      Each
      Borrower represents and warrants (as to itself and each of its Subsidiaries)
      to
      the Agents and Lenders that (a) the representations and warranties set forth
      in
      Article V of the Credit Agreement, as amended hereby, and in each of the other
      Loan Documents are complete and correct on the date hereof as if made on and
      as
      of such date and as if each reference in said Article V to “this Agreement”
included reference to this Amendment No. 8 and (b) no Default shall have
      occurred and be continuing under the Credit Agreement, as amended
      hereby.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    Section
      4. Confirmation
      of Security Documents.
      Each of
      the Borrowers hereby confirms and ratifies all of its obligations under the
      Loan
      Documents to which it is a party, including its obligations as a guarantor
      under
      Article III of the Credit Agreement as amended hereby. By its execution on
      the respective signature lines provided below, each of the Guarantors hereby
      confirms and ratifies all of its obligations and the Liens granted by it under
      the Security Documents to which it is a party, represents
      and warrants that the representations
      and warranties set forth in such Security Documents are complete and correct
      on
      the date hereof as if made on and as of such date and confirms
      that all references in such Security Documents to the “Credit Agreement” (or
      words of similar import) refer to the Credit Agreement as amended hereby without
      impairing any such obligations or Liens in any respect.

    

    Section
      5. Conditions
      Precedent to Effectiveness.
      The
      amendments set forth in Section 2 hereof shall become effective, as of the
      date hereof, upon receipt by the U.S. Administrative Agent of one or more
      counterparts of this Amendment No. 8 executed by the Obligors and the Required
      Lenders.

    

    Section
      6. Miscellaneous.
      Except
      as herein provided, the Credit Agreement shall remain unchanged and in full
      force and effect. This Amendment No. 8 may be executed in any number of
      counterparts, all of which taken together shall constitute one and the same
      agreement and any of the parties hereto may execute this Amendment No. 8 by
      signing any such counterpart. This Amendment No. 7 shall be governed by, and
      construed in accordance with, the law of the State of New York.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment No. 8 to be
      duly
      executed and delivered as of the day and year first above written.

    

    

    MDC
      PARTNERS INC.

    

    

    By:________________________________

    Name:

    Title:
      Authorized Signatory

    

    

    By:________________________________

    Name:

    Title:
      Authorized Signatory

    

    

    MAXXCOM
      INC., an Ontario corporation

    

    

    By:________________________________

    Name:

    Title:
      Authorized Signatory

    

    

    By:________________________________

    Name:

    Title:
      Authorized Signatory

    

    

    MAXXCOM
      INC., a Delaware corporation

    

    

    By:________________________________

    Name:

    Title:
      Authorized Signatory

    

    

    By:________________________________

    Name:

    Title:
      Authorized Signatory

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Agreed
      as set forth in Section 4 above:

    

    GUARANTORS

     

    
      	
              Signed
                sealed and delivered by the attorney of Placard
                Pty Ltd
                ACN 074 646 343 under power of attorney and who has received no notice
                of
                the revocation of the power, in the presence of:

            	 
	____________________________	______________________________
	
               Signature
                of witness

            	
              Signature
                of attorney

            
	 	 
	
              Name
                of witness: Ray Forzley

            	
              Name
                of attorney: Walter Campbell

            

    

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    1208075
      ONTARIO LIMITED

    1220777
      ONTARIO LIMITED

    1385544
      ONTARIO LIMITED

    2026646
      ONTARIO LIMITED

    656712
      ONTARIO LIMITED 

    AMBROSE
      CARR LINTON CARROLL INC.

    ASHTON
      POTTER CANADA INC.

    ASHTON-POTTER
      CANADA LTD.

    BRUCE
      MAU
      DESIGN INC.

    BRUCE
      MAU
      HOLDINGS LTD.

    CAMPBELL
      + PARTNERS COMMUNICATIONS LTD.

    COMPUTER
      COMPOSITION OF CANADA INC.

    HENDERSON
      BAS

    MAXXCOM
      (NOVA SCOTIA) CORP.

    MAXXCOM
      INTERACTIVE INC.

    METACA
      CORPORATION

    STUDIOTYPE
      INC.

    TREE
      CITY
      INC.

    

    

    By:
      ________________________________

    Name:
      

    Title:
      Authorized Signatory

    

    

    By:
      ________________________________

    Name:
      

    
      	 	 	
              Title:
                Authorized Signatory

            

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

       

    

    ACCENT
      ACQUISITION CO.

    ACCENT
      INTERNATIONAL, INC.

    ACCENT
      MARKETING SERVICES, L.L.C.

    ASHTON-POTTER
      (USA) LTD.

    BRATSKEIR
      & COMPANY, INC.

    CHINNICI
      DIRECT, INC.

    CMS
      U.S.
      HOLDCO, INC.

    COLLE
      & MCVOY, INC.

    CPB
      ACQUISITION INC.

    CRISPIN
      PORTER & BOGUSKY LLC

    DOTGLU
      LLC

    FLETCHER
      MARTIN LLC

    FMA
      ACQUISITION CO.

    HELLO
      ACQUISITION INC.

    KBP
      HOLDINGS LLC

    KIRSHENBAUM
      BOND & PARTNERS LLC

    KIRSHENBAUM
      BOND & PARTNERS WEST LLC

    LAFAYETTE
      PRODUCTIONS LLC

    MACKENZIE
      MARKETING, INC.

    MARGEOTES/FERTITTA
      + PARTNERS LLC

    MAXXCOM
      (USA) FINANCE COMPANY

    MAXXCOM
      (USA) HOLDINGS INC.

    MDC
      USA
      HOLDINGS INC.

    MDC/KBP
      ACQUISITION INC.

    MF+P
      ACQUISITION CO.

    MONO
      ADVERTISING, LLC

    PRO-IMAGE
      CORPORATION

    SABLE
      ADVERTISING SYSTEMS, INC.

    SMI
      ACQUISITION CO.

    SOURCE
      MARKETING LLC

    TARGETCOM
      LLC

    VITROROBERTSON
      LLC

    ZG
      ACQUISITION INC.

    ZYMAN
      GROUP, LLC

    

    

    By:
      ________________________________

    Name:
      

    Title:
      Authorized Signatory

    

    

    By:
      ________________________________

    Name:
      

    Title:
      Authorized Signatory

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

       

    

    LENDERS

    

    JPMORGAN
      CHASE BANK, N.A.

    

    

    By:________________________________

    Name:

    Title:

    

    

    JPMORGAN
      CHASE BANK, N.A., TORONTO 

    BRANCH

    

    

    By:________________________________

    Name:

    Title:

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    BANK
      OF
      MONTREAL (CHICAGO BRANCH)

    

    

    By:________________________________

    Name:

    Title:

    

    

    BANK
      OF
      MONTREAL

    

    

    By:________________________________

    Name:

    Title:

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

       

    

    THE
      BANK
      OF NOVA SCOTIA, by its Atlanta Agency

    

    

    By:________________________________

    Name:

    Title:

    

    

    THE
      BANK
      OF NOVA SCOTIA

    

    

    By:________________________________

    Name:

    Title:

    

    

    By:________________________________

    Name:

    Title:

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    TORONTO
      DOMINION (TEXAS) INC.

    

    

    By:________________________________

    Name:

    Title:

    

    

    THE
      TORONTO-DOMINION BANK

    

    

    By:________________________________

    Name:

    Title:

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    CIBC
      INC.

    

    

    By:________________________________

    Name:

    Title:

    

    

    CANADIAN
      IMPERIAL BANK OF COMMERCE

    

    

    By:________________________________

    Name:

    Title:

    

    By:________________________________

    Name:

    Title:   

     

    
      
         

      

      
        12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00108-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00108-of-00352.parquet"}]]