Document:

Exhibit 10.2

 

Execution Copy

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT, dated
as of May 6, 2019 (this “Agreement”), by and between MDC PARTNERS INC., a corporation existing under
the laws of Canada (the “Company”), and JONATHAN MIRSKY (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Company
wish to employ the Executive on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, receipt of which is acknowledged, the parties hereto agree
as follows:

 

		1.	Employment

 

The Company agrees to employ
the Executive during the Term specified in Section 2, and the Executive agrees to accept such employment, upon the terms
and conditions hereinafter set forth.

 

		2.	Term

 

(a)           Term of Employment.
Subject to the provisions contained in Sections 6 and 7, the Executive’s employment by the Company shall be
for a term (the “Term”) commencing on June 17, 2019 (the “Commencement Date”) and continuing
for an indefinite period thereafter unless and until either (i) the Executive shall give to the Company ninety (90) days’
advance written notice of resignation without Good Reason (as defined herein) (a “Notice of Termination”), (ii)
the Executive terminates employment with Good Reason in accordance with Section 6(b), or (iii) the Company terminates the
Executive’s employment with or without “Cause” (as defined herein). Any Notice of Termination given by the Executive
under Section 2(a)(i) shall specify the date of termination and the fact that the notice is being delivered pursuant to
Section 2 of this Agreement. The Company shall have the right at any time during such 90-day notice period to relieve the
Executive of all or any portion of his offices, duties and responsibilities and to place him on a paid leave-of-absence status.
The date on which the Executive ceases to be employed by the Company, regardless of the reason therefor, is referred to in this
Agreement as the ‘Termination Date”.

 

(b)           Transition Period.
During the period of time from the Commencement Date until the date on which the Company files its Quarterly Report on Form 10-Q
for the period ending June 30, 2019 (the “Transition Period”), the Executive will coordinate with the Company’s
current General Counsel on an appropriate transition of duties and responsibilities to the Executive for the benefit of the Company.
For the avoidance of doubt, the Executive shall serve as the sole General Counsel of the Company during the Transition Period and
thereafter for the remainder of the Term.

 

     

     

    

 

		3.	Duties and Responsibilities

 

(a)           Title.
During the Term, the Executive shall have the position of General Counsel and Corporate Secretary of the Company.

 

(b)           Duties.
The Executive shall report directly to the Company’s Chief Executive Officer (the “MDC Executive”), at
such times and in such detail as the MDC Executive shall reasonably require. Executive shall also have appropriate reporting responsibilities
to the Audit Committee of the Company’s Board of Directors. The Executive shall perform such duties consistent with his position
as General Counsel and Corporate Secretary, or as may be reasonably directed by the Chief Executive Officer of the Company.

 

(c)           Scope
of Employment. The Executive’s employment by the Company as described herein shall be full-time and exclusive, and during
the Term, the Executive agrees that he will (i) devote all of his business time and attention, his reasonable best efforts, and
all his skill and ability to promote the interests of the Company; and (ii) carry out his duties in a competent manner and
serve the Company faithfully and diligently under the direction of the MDC Executive. Notwithstanding the foregoing, the Executive
shall be permitted to engage in charitable and civic activities and manage his personal passive investments, provided that such
passive investments are not in a company which transacts business with the Company or its affiliates or engages in business competitive
with that conducted by the Company (or, if such company does transact business with the Company, or does engage in a competitive
business, it is a publicly held corporation and the Executive’s participation is limited to owning less than 1% of its outstanding
shares), and further provided that such activities (individually or collectively) do not materially interfere with the performance
of his duties or responsibilities under this Agreement.

 

(d)           Office
Location. During the Term, the Executive’s services hereunder shall be performed at the offices of the Company to be
located in Washington, D.C., subject to necessary travel requirements to other offices of the Company and partner agency locations
in order to carry out his duties in connection with his position hereunder.

 

		4.	Compensation

 

(a)           Base
Salary. As compensation for his services hereunder, during the Term, the Company shall pay the Executive in accordance with
its normal payroll practices, an annualized base salary of $550,000 (“Base Salary”).

 

(b)           Perquisite
Allowance. The Company will pay to the Executive a perquisite allowance equal to $25,000 per year during the Term (the “Perquisite
Allowance”), to cover the costs of leasing, insuring and maintaining an automobile and other travel expenses, professional
dues as well as other perquisites, to be paid in accordance with the Company’s normal payroll practices.

 

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(c)           Annual
Discretionary Bonus. During the Term, the Executive shall be eligible to receive an annual discretionary bonus in a target
amount equal to $550,000, based upon criteria determined by the MDC Executive and the Compensation Committee, which criteria shall
include the Executive’s performance, the overall financial performance of the Company and such other factors as the MDC Executive
and the Compensation Committee shall deem reasonable and appropriate (the “Annual Discretionary Bonus”). The
Annual Discretionary Bonus will be paid in accordance with the Company’s normal bonus payment procedures. The Annual Discretionary
Bonus in respect of 2019 may be pro-rated for the Term of the Executive’s employment.

 

(d)           Initial
Cash Bonus Award. The Company shall pay Executive a one-time bonus in an amount equal to $200,000 (the “2020 Bonus”)
on or about January 15, 2020, subject to applicable withholding for federal, state and local taxes. Notwithstanding the foregoing,
the Company will not be obligated to pay the 2020 Bonus in the event that Executive resigns without “Good Reason” or
is terminated by the Company for “Cause” prior to December 31, 2019. 

 

(e)            Grants
under LTIP Plans. Commencing in January 2020, the Executive shall be eligible to participate in the Company’s LTIP Plans
with an annual target award amount equal to $550,000, with each such award to be made on terms and conditions no more or less favorable
than those of awards made to other senior executives of the Company.

 

(f)            Restricted
Stock Inducement Grant. As soon as practicable following the Commencement Date, the Executive shall receive an award of 250,000
restricted shares of the Company’s Class A subordinate voting stock (“Class A Shares”) in accordance with
and subject to the terms and conditions of a separate restricted stock agreement to be executed and delivered by the Executive
and the Company (the “Initial Stock Grant”). The restricted shares granted as part of the Initial Stock Grant
will become vested in three equal installments on each of the first three (3) anniversaries of the Commencement Date (each such
date, a “Vesting Date”), subject to the Executive’s continued employment with the Company through the
applicable Vesting Date. The Initial Stock Grant shall be subject to accelerated vesting upon (i) the Executive’s death or
Disability, (ii) termination of the Executive’s employment by the Company without “Cause” or by the Executive
with “Good Reason,” or (iii) a Change in Control (as defined below).

 

(g)           SARS
Inducement Grant. As soon as practicable following the Commencement Date, the Executive shall receive an award of 250,000 stock
appreciation rights (“SARs”) in respect of the Company’s Class A Shares with a base price equal to $5.00,
all in accordance with and subject to the terms and conditions of a separate stock appreciation rights agreement, to be executed
and delivered by the Executive and the Company (the “SAR Agreement”). The SARs granted pursuant to the SAR Agreement
will become vested and exercisable in three equal installments on each of the first three (3) anniversaries of the Commencement
Date (each such date, a “SAR Vesting Date”), subject to the Executive’s continued employment with the
Company through the applicable SAR Vesting Date. The SARs shall be subject to accelerated vesting upon (i) the Executive’s
death or Disability, (ii) termination of the Executive’s employment by the Company without “Cause” or by the
Executive with “Good Reason,” or (iii) a Change in Control (as defined below). To the extent not yet exercised, any
SARs issued pursuant to this Section 4(g) shall expire on the fifth anniversary of the Commencement Date.

 

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		5.	Expenses; Health Benefits

 

(a)            Expenses.
The Company agrees to pay or to reimburse the Executive for all reasonable, ordinary, necessary and documented business or entertainment
expenses incurred during the Term in the performance of his services hereunder in accordance with the policy of the Company as
from time to time in effect. The Executive, as a condition precedent to obtaining such payment or reimbursement, shall provide
to the Company any and all statements, bills or receipts evidencing the travel or out-of-pocket expenses for which the Executive
seeks payment or reimbursement, and any other information or materials, as the Company may from time to time reasonably require.

 

(b)            Benefit
Plans. During the Term, the Executive and, to the extent eligible, his dependents, shall be eligible to participate in and
receive all benefits under any group health plans, welfare benefit plans and programs provided by the Company to its senior executives
and, without duplication, its employees generally, subject, however, to the generally applicable eligibility and other provisions
of the various plans and programs in effect from time to time.

 

(c)            Vacation.
The Executive shall be entitled to four weeks of vacation in accordance with the Company's policies, with no right of carry over,
to be taken at such times as shall not materially interfere with the Executive’s fulfillment of his duties hereunder, and
shall be entitled to as many holidays, sick days and personal days as are in accordance with the Company’s policy then in
effect generally for its employees.

 

		6.	Termination

 

(a)            Termination
for Cause. The Company, by direction of the Board of Directors or the MDC Executive, shall be entitled to terminate the Term
and to discharge the Executive for “Cause” effective upon the giving of written notice to the Executive. For
purposes of this Agreement, the term “Cause” shall mean:

 

 (i)           the
Executive’s willful failure or refusal to materially perform his duties and responsibilities as set forth in Section 3
hereof (other than as a result of a Disability pursuant to Section 6(d) hereof), or abide by the reasonable directives of
the MDC Executive, or the failure of the Executive to devote all of his business time and attention exclusively to the business
and affairs of the Company in accordance with the terms hereof, in each case if such failure or refusal is not cured (if curable)
within 20 days after written notice thereof to the Executive by the Company;

 

 (ii)          the
willful and unauthorized misappropriation of the funds or property of the Company;

 

 (iii)         the
use of alcohol or illegal drugs, interfering with the performance of the Executive’s obligations under this Agreement, continuing
after written warning;

 

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 (iv)         the
conviction in a court of law of, or entering a plea of guilty or no contest to, any felony or any crime involving moral turpitude,
dishonesty or theft;

 

 (v)          the
material nonconformance with the Company’s policies against racial or sexual discrimination or harassment, which nonconformance
is not cured (if curable) within 20 days after written notice to the Executive by the Company;

 

 (vi)         the
commission in bad faith by the Executive of any act which materially injures or could reasonably be expected to materially injure
the reputation, business or business relationships of the Company; and

 

 (vii)        any
breach (not covered by any of the clauses (i) through (vi) above) of this Agreement, if such breach is not cured (if curable) within
20 days after written notice thereof to the Executive by the Company.

 

Any notice required to be given by the Company
pursuant to clause (i), (v) or (vii) above shall specify the nature of the claimed breach and the manner in which the Company requires
such breach to be cured (if curable). In the event that the Executive is purportedly terminated for Cause and it is finally determined
that Cause as defined herein was not present, then such purported termination for Cause shall be deemed a termination without Cause
and the Executive’s rights and remedies will be governed by Section 7(b), in full satisfaction and in lieu of any
and all other or further remedies the Executive may have under this Agreement.

 

(b)           Termination
by the Executive for Good Reason. Provided that a Cause event has not occurred, the Executive shall be entitled to terminate
this Agreement and the Term hereunder for Good Reason (as defined below) at any time during the Term by written notice to the Company
not more than 20 days after the occurrence of the event constituting such Good Reason. For purposes of this Agreement, “Good
Reason” shall be limited to:

 

 (i)           a
material diminution of the Executive’s position or authority as set forth in Section 3 hereof, which breach remains
uncured (if curable) for a period of 10 days after written notice of such breach to the Company;

 

 (ii)          the
Company’s material breach of the compensation and benefits provisions of Section 4 or Section 5 hereof, which
breach remains uncured (if curable) for a period of 15 days after written notice of such breach to the Company; or

 

 (iii)          following
a Change in Control (as defined below), the Executive not holding the position of general counsel of the ultimate parent entity
or other controlling entity resulting from the Change in Control transaction.

 

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Any notice required to be
given by the Executive pursuant to this Section 6(b) shall specify the nature of the circumstance alleged to constitute
Good Reason and the provisions of this Agreement relied upon, and shall specify the date of termination, which shall not be less
than 30 days or more than 60 days following the date of such notice.

 

(c)           Termination
without Cause. The Company, by direction of the Board or the MDC Executive, shall have the right at any time during the Term
to terminate the employment of the Executive without Cause by giving written notice to the Executive setting forth a Termination
Date.

 

(d)           Termination
for Death or Disability. In the event of the Executive’s death, the Termination Date shall be the date of the Executive’s
death. In the event the Executive shall be unable to perform his duties hereunder by virtue of illness or physical or mental incapacity
or disability (from any cause or causes whatsoever) in substantially the manner and to the extent required hereunder prior to the
commencement of such disability and the Executive shall fail to perform such duties for periods aggregating 120 days, whether or
not continuous, in any continuous period of 360 days (such causes being herein referred to as “Disability”),
the Company shall have the right to terminate the Executive’s employment hereunder as at the end of any calendar month during
the continuance of such Disability upon at least 30 days’ prior written notice to him.

 

		7.	Effect of Termination of Employment.

 

(a)           Termination
by the Company for Cause; by Death or Disability; or pursuant to a Notice of Termination delivered by the Executive pursuant to
Section 2(a)(i) above. In the event of the termination of the employment of the Executive (1) by the Company for Cause; (2)
by reason of death or Disability pursuant to Section 6(d); or (3) pursuant to a Notice of Termination delivered by the Executive
pursuant to Section 2(a)(i) above, the Executive shall be entitled to the following payments and benefits (the “Accrued
Rights”):

 

 (i)           unpaid
Base Salary and Perquisite Allowance through, and any unpaid reimbursable expenses outstanding as of, the Termination Date; and

 

 (ii)          all
outstanding equity incentive awards (including the Initial Stock Grant and SARs) shall be treated in accordance with the governing
equity plan and underlying award agreement, except as otherwise provided in Section 4(f) and Section 4(g).

 

In the event of termination of the employment
of Executive in the circumstances described in this Section 7(a), except as expressly provided in this section or any other
accrued benefits or indemnification rights under the Company’s by-laws, the Company’s other organizational documents,
or this Agreement, the Company shall have no further liability to the Executive or the Executive’s heirs, beneficiaries or
estate for damages, compensation, benefits, severance or other amounts of whatever nature, directly or indirectly, arising out
of or otherwise related to this Agreement and the Executive’s employment or cessation of employment with the Company.

 

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(b)           Termination
by the Company without Cause or Resignation for Good Reason. In the event of termination by the Company without Cause or resignation
by the Executive for Good Reason, the Executive shall be entitled to the following payments and benefits:

 

 (i)            the Accrued Rights as provided in Section 7(a) hereof;

 

 (ii)           his Annual Discretionary Bonus with respect to the calendar year prior to the date of termination, when otherwise payable, but only to the extent earned and approved by the Compensation Committee of the Board but not already paid; and

 

(iii)          an amount equal to Executive’s
Base Salary for a period of six (6) months (the “Severance Amount”). The Severance Amount described in this
Section 7(b)(iii), less applicable withholding of any tax amounts, shall be paid by the Company to the Executive in a cash lump-sum
not later than 60 days following the date of termination.

 

In the event of termination of this Agreement
in the circumstances described in this Section 7(b), except as expressly provided in this section or any other accrued benefits
or indemnification rights, the Company shall have no further liability to the Executive or the Executive’s heirs, beneficiaries
or estate for damages, compensation, benefits, severance or other amounts of whatever nature, directly or indirectly, arising out
of or otherwise related to this Agreement and the Executive’s employment or cessation of employment with the Company.

 

The Executive shall be under
no duty to mitigate damages hereunder. The making of any severance payments and providing the other benefits as provided in this
Section 7(b) is conditioned upon the Executive signing and not revoking a customary separation agreement in a form reasonably
satisfactory to the Company and Executive (the “Separation Agreement”). In the event the Executive breaches
any provisions of the Separation Agreement or the provisions of Section 8 of this Agreement, in addition to any other remedies
at law or in equity available to it, the Company may cease making any further payments and providing the other benefits provided
for in this Section 7(b), without affecting its rights under this Agreement or the Separation Agreement.

 

(c)           Termination
by the Company without Cause or Resignation for Good Reason following a Change of Control. If within one (1) year after the
closing date of any “Change of Control” transaction, the Executive’s employment is terminated by the Company
without Cause or he resigns for Good Reason, the Severance Amount shall be increased to an amount equal to the Executive’s
Base Salary for a period of nine (9) months. For the purposes of this Agreement, a “Change of Control” shall
be as defined in the Company’s 2016 Stock Incentive Plan.

 

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		8.	Non-Solicitation Agreement and Protection of Confidential
Information

 

(a)           Non-Solicitation.
The parties hereto agree that the covenants given in this Section 8 are being given incident to the agreements and transactions
described herein, and that such covenants are being given for the benefit of the Company. Accordingly, the Executive acknowledges
(i) that the business and the industry in which the Company competes is highly competitive; (ii) that as a key executive of the
Company he will participate in the servicing of current clients and/or the solicitation of prospective clients, through which,
among other things, the Executive will obtain knowledge of the “know-how” and business practices of the Company, in
which matters the Company has a substantial proprietary interest; (iii) that his employment hereunder requires the performance
of services which are special, unique, extraordinary and intellectual in character, and his position with the Company places him
in a position of confidence and trust with the clients and employees of the Company; and (iv) that his rendering of services to
the clients of the Company necessarily will require the disclosure to the Executive of confidential information (as defined in
Section 8(b) hereof) of the Company. In the course of the Executive’s employment with the Company, the Executive will
develop a personal relationship with the clients of the Company and a knowledge of those clients’ affairs and requirements,
and the relationship of the Company with its established clientele will therefore be placed in the Executive’s hands in confidence
and trust. The Executive consequently agrees that it is a legitimate interest of the Company, and reasonable and necessary for
the protection of the confidential information, goodwill and business of the Company, which is valuable to the Company, that the
Executive make the covenants contained herein and that the Company would not have entered into this Agreement unless the covenants
set forth in this Section 8 were contained in this Agreement.

 

Accordingly, the Executive agrees during the
Term that he is employed by the Company and for a period of one (1) year thereafter, he shall not, as an individual, employee,
consultant, independent contractor, partner, shareholder, or in association with any other person, business or enterprise, except
on behalf of the Company, and regardless of the reason for his ceasing to be employed by the Company, directly or indirectly:

 

(i)            attempt
in any manner to solicit or accept from any client business of the type performed by the Company or to persuade any client to cease
to do business or to reduce the amount of business which any such client has customarily done or is reasonably expected to do with
the Company, whether or not the relationship between the Company and such client was originally established in whole or in part
through the Executive’s efforts; or

 

(ii)       employ
as an employee or retain as a consultant any person, firm or entity who is then or at any time during the preceding twelve months
was an employee of or exclusive consultant to the Company, or persuade or attempt to persuade any employee of or exclusive consultant
to the Company to leave the employ of the Company or to become employed as an employee or retained as a consultant by any person,
firm or entity other than the Company.

 

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As used in this Section 8, the term
“Company” shall include any subsidiaries of the Company and the term “client” shall mean
(1) anyone who is a client of the Company on the Termination Date, or if the Executive’s employment shall not have terminated,
at the time of the alleged prohibited conduct (any such applicable date being called the “Determination Date”);
(2) anyone who was a client of the Company at any time during the one-year period immediately preceding the Determination Date;
and (3) any prospective client to whom the Company had made a new business presentation (or similar offering of services) at any
time during the six-month period immediately preceding the Termination Date; and (4) any prospective client to whom the Company
made a new business presentation (or similar offering of services) at any time within six months after the Termination Date (but
only if initial discussions between the Company and such prospective client relating to the rendering of services occurred prior
to the Termination Date, and only if the Executive participated in or supervised such discussions). For purposes of this clause,
it is agreed that a general mailing or an incidental contact shall not be deemed a “new business presentation or similar
offering of services” or a “discussion”. In addition, “client” shall also include any clients of
other companies operating within the MDC group of companies to whom the Executive rendered services (including supervisory services)
at any time during the six-month period prior to the Determination Date. In addition, if the client is part of a group of companies
which conducts business through more than one entity, division or operating unit, whether or not separately incorporated (a “Client
Group”), the term “client” as used herein shall only include each entity, division and operating unit of
the Client Group where the same management group of the Client Group has the decision making authority or significant influence
with respect to contracting for services of the type rendered by the Company.

 

(b)           Confidential
Information. In the course of the Executive’s employment with the Company (and its predecessor), he will acquire and
have access to confidential or proprietary information about the Company and/or its clients, including but not limited to, trade
secrets, methods, models, passwords, access to computer files, financial information and records, computer software programs, agreements
and/or contracts between the Company and its clients, client contacts, client preferences, creative policies and ideas, advertising
campaigns, creative and media materials, graphic design materials, sales promotions and campaigns, sales presentation materials,
budgets, practices, concepts, strategies, methods of operation, financial or business projections of the Company and information
about or received from clients and other companies with which the Company does business. The foregoing shall be collectively referred
to as “confidential information”. The Executive is aware that the confidential information is not readily available
to the public and accordingly, the Executive also agrees that he will not at any time (whether during the Term or after termination
of this Agreement), disclose to anyone (other than his counsel in the course of a dispute arising from the alleged disclosure of
confidential information or as required by law) any confidential information, or utilize such confidential information for his
own benefit, or for the benefit of third parties. The Executive agrees that the foregoing restrictions shall apply whether or not
any such information is marked “confidential” and regardless of the form of the information. The term “confidential
information” does not include information which (i) is or becomes generally available to the public other than by breach
of this provision or (ii) the Executive learns from a third party who is not under an obligation of confidence to the Company or
a client of the Company. In the event that the Executive becomes legally required to disclose any confidential information, he
will provide the Company with prompt notice thereof so that the Company may seek a protective order or other appropriate remedy
and/or waive compliance with the provisions of this Section 8(b) to permit a particular disclosure. In the event that such
protective order or other remedy is not obtained, or that the Company waives compliance with the provisions of this Section
8(b) to permit a particular disclosure, the Executive will furnish only that portion of the confidential information which
he is legally required to disclose and, at the Company’s expense, will cooperate with the efforts of the Company to obtain
a protective order or other reliable assurance that confidential treatment will be accorded the confidential information. The Executive
further agrees that all memoranda, disks, files, notes, records or other documents, whether in electronic form or hard copy (collectively,
the “material”) compiled by him or made available to him during his employment with the Company (whether or
not the material constitutes or contains confidential information), and in connection with the performance of his duties hereunder,
shall be the property of the Company and shall be delivered to the Company on the termination of the Executive’s employment
with the Company or at any other time upon request. Except in connection with the Executive’s employment with the Company,
the Executive agrees that he will not make or retain copies or excerpts of the material; provided that the Executive shall be entitled
to retain his personal files.

 

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(c)           Remedies.
If the Executive commits or threatens to commit a breach of any of the provisions of Sections 8(a) or (b), the Company
shall have the right to have the provisions of this Agreement specifically enforced by any court having jurisdiction without being
required to post bond or other security and without having to prove the inadequacy of the available remedies at law, it being acknowledged
and agreed that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not
provide an adequate remedy to the Company. In addition, the Company may take all such other actions and remedies available to it
under law or in equity and shall be entitled to such damages as it can show it has sustained by reason of such breach.

 

(d)           Acknowledgements.
The parties acknowledge that (i) the type and periods of restriction imposed in the provisions of Sections 8(a) and (b)
are fair and reasonable and are reasonably required in order to protect and maintain the proprietary interests of the Company described
above, other legitimate business interests and the goodwill associated with the business of the Company; (ii) the time, scope and
other provisions of this Section 8 have been specifically negotiated by sophisticated commercial parties, represented by
legal counsel, and are given as an integral part of the transactions contemplated by this Agreement; and (iii) because of the nature
of the business engaged in by the Company and the fact that clients can be and are serviced by the Company wherever they are located,
it is impractical and unreasonable to place a geographic limitation on the agreements made by the Executive herein. The Executive
specifically acknowledges that his being restricted from soliciting and servicing clients and prospective clients as contemplated
by this Agreement will not prevent him from being employed or earning a livelihood in the type of business conducted by the Company.
If any of the covenants contained in Sections 8(a) or (b), or any part thereof, is held to be unenforceable by reason
of it extending for too great a period of time or over too great a geographic area or by reason of it being too extensive in any
other respect, the parties agree (x) such covenant shall be interpreted to extend only over the maximum period of time for which
it may be enforceable and/or over the maximum geographic areas as to which it may be enforceable and/or over the maximum extent
in all other respects as to which it may be enforceable, all as determined by the court or arbitration panel making such determination
and (y) in its reduced form, such covenant shall then be enforceable, but such reduced form of covenant shall only apply with respect
to the operation of such covenant in the particular jurisdiction in or for which such adjudication is made. Each of the covenants
and agreements contained in this Section 8 (collectively, the “Protective Covenants”) is separate, distinct
and severable. All rights, remedies and benefits expressly provided for in this Agreement are cumulative and are not exclusive
of any rights, remedies or benefits provided for by law or in this Agreement, and the exercise of any remedy by a party hereto
shall not be deemed an election to the exclusion of any other remedy (any such claim by the other party being hereby waived). The
existence of any claim, demand, action or cause of action of the Executive against the Company, whether predicated on this Agreement
or otherwise, shall not constitute a defense to the enforcement by the Company of each Protective Covenant. The unenforceability
of any Protective Covenant shall not affect the validity or enforceability of any other Protective Covenant or any other provision
or provisions of this Agreement.

 

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(e)           Notification
of Restrictive Covenants. Prior to accepting employment with any person, firm or entity during the Restricted Period, the Executive
shall notify the prospective employer in writing of his obligations pursuant to this Section 8 and shall simultaneously
provide a copy of such notice to the Company (it being agreed by the Company that such notification required under this Section
8(e) shall not be deemed a breach of the confidentiality provisions of this Agreement).

 

(f)            Tolling.
The temporal duration of the non-solicitation covenants set forth in this Agreement shall not expire, and shall be tolled, during
any period in which the Executive is in violation of any of the non-solicitation covenants set forth herein, and all restrictions
shall automatically be extended by the period of the Executive’s violation of any such restrictions.

 

		9.	Intellectual Property

 

During the Term, the Executive
will disclose to the Company all ideas, inventions and business plans developed by him during such period which relate directly
or indirectly to the business of the Company, including without limitation, any design, logo, slogan, advertising campaign or any
process, operation, product or improvement which may be patentable or copyrightable. The Executive agrees that all patents, licenses,
copyrights, tradenames, trademarks, service marks, planning, marketing and/or creative policies and ideas, advertising campaigns,
promotional campaigns, media campaigns, budgets, practices, concepts, strategies, methods of operation, financial or business projections,
designs, logos, slogans and business plans developed or created by the Executive in the course of his employment hereunder, either
individually or in collaboration with others, will be deemed works for hire and the sole and absolute property of the Company.
The Executive agrees, that at the Company’s request and expense, he will take all steps necessary to secure the rights thereto
to the Company by patent, copyright or otherwise.

 

		10.	Indemnification

 

Subject to Section 124 of
the Canada Business Corporations Act (as amended or re-enacted from time to time and including the regulations made pursuant
thereto, the “Act”), the Company shall indemnify and hold harmless, the Executive and his heirs, executors,
administrators and other legal personal representatives (each, an “Indemnitee”), to the maximum extent permitted
by the Act, from and against (a) any liability and all costs, charges and expenses that an Indemnitee sustains or incurs in respect
of any action, suit or proceeding that is proposed, threatened or commenced against an Indemnitee for or in respect of anything
done or permitted by the Executive in respect of the execution of the duties of his office; and (b) all other costs, charges and
expenses that the Executive sustains or incurs in respect of the affairs of the Company. The Company shall also indemnify the Executive
in such other circumstances to the maximum extent as the Act permits or requires. To the extent permitted by the Act, the Company
will advance or reimburse any expenses, including reasonable attorneys’ fees, incurred by an Indemnitee in investigating
and defending any actual or threatened action, suit or proceeding for which an Indemnitee may be entitled to indemnification under
this Section 10.

 

    	 	11	 

     

    

 

		11.	Enforceability

 

The failure of any party
at any time to require performance by another party of any provision hereunder shall in no way affect the right of that party thereafter
to enforce the same, nor shall it affect any other party’s right to enforce the same, or to enforce any of the other provisions
in this Agreement; nor shall the waiver by any party of the breach of any provision hereof be taken or held to be a waiver of any
subsequent breach of such provision or as a waiver of the provision itself.

 

		12.	Assignment

 

The Company and the Executive
agree that the Company shall have the right to assign this Agreement in connection with any asset assignment of all or substantially
all of the Company’s assets, stock sale, merger, consolidation or other corporate reorganization involving the Company and,
accordingly, this Agreement shall inure to the benefit of, be binding upon and may be enforced by, any and all successors and such
assigns of the Company. The Company and Executive agree that Executive’s rights and obligations under this Agreement are
personal to the Executive, and the Executive shall not have the right to assign or otherwise transfer his rights or obligations
under this Agreement, and any purported assignment or transfer shall be void and ineffective, provided that the rights of the Executive
to receive certain benefits upon death as expressly set forth under Section 7 of this Agreement shall inure to the Executive’s
estate and heirs. The rights and obligations of the Company hereunder shall be binding upon and run in favor of the successors
and assigns of the Company.

 

		13.	Modification

 

This Agreement may not be
orally canceled, changed, modified or amended, and no cancellation, change, modification or amendment shall be effective or binding,
unless in writing and signed by the parties to this Agreement.

 

		14.	Severability; Survival

 

In the event any provision
or portion of this Agreement is determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions
of this Agreement shall nevertheless be binding upon the parties with the same effect as though the invalid or unenforceable part
had been severed and deleted or reformed to be enforceable. The respective rights and obligations of the parties hereunder shall
survive the termination of the Executive’s employment to the extent necessary to the intended preservation of such rights
and obligations.

 

    	 	12	 

     

    

 

		15.	Notice

 

Any notice, request, instruction
or other document to be given hereunder by any party hereto to another party shall be in writing and shall be deemed effective
(a) upon personal delivery, if delivered by hand, or (b) three days after the date of deposit in the mails, postage prepaid if
mailed by certified or registered mail, or (c) on the next business day, if sent by prepaid overnight courier service, facsimile
transmission (if electronically confirmed), or electronic mail, and in each case addressed as follows:

 

If to the Executive:

 

Jonathan Mirsky

jonathan.b.mirsky@gmail.com

 

If to the Company:

 

MDC Partners Inc.

745 Fifth Avenue, 19th Floor

New York, NY 10151

Attention: Chief Financial Officer

Fax: (212) 937-4365

 

Any party may change the
address to which notices are to be sent by giving notice of such change of address to the other party in the manner herein provided
for giving notice.

 

		16.	Applicable Law

 

This Agreement shall be governed
by, enforced under, and construed in accordance with the laws of the State of New York, without regard to the conflict of law rules
thereof.

 

		17.	No Conflict

 

Except as previously disclosed
in writing to the Company, the Executive represents and warrants that he is not subject to any agreement, instrument, order, judgment
or decree of any kind, or any other restrictive agreement of any character, which would prevent him from entering into this Agreement
or which would be breached by the Executive upon his performance of his duties pursuant to this Agreement.

 

    	 	13	 

     

    

 

		18.	Entire Agreement; Counterparts

 

This Agreement and the documents
referenced herein represent the entire agreement between the Company and the Executive with respect to the employment of the Executive
by the Company, and all prior term sheets, agreements, plans and arrangements relating to the employment of the Executive by the
Company are nullified and superseded hereby. This Agreement may be executed in two counterparts or by pdf.

 

		19.	Withholdings

 

The Company may withhold
from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to
any applicable law or regulation.

 

		20.	No Strict Construction

 

The language used in this
Agreement will be deemed to be the language chosen by the Company and the Executive to express their mutual intent, and no rule
of law or contract interpretation that provides that in the case of ambiguity or uncertainty a provision should be construed against
the draftsman will be applied against any party hereto.

 

    	 	14	 

     

    

 

		21.	409A Compliance

 

This Agreement is intended
to comply, to the extent applicable, with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and will be so interpreted. For purposes of this Agreement, a termination of Executive’s services on the date of termination
shall be determined in a manner consistent with the rules relating to “separation from service” within the meaning
of Section 409A of the Code and the regulations thereunder. Notwithstanding anything herein to the contrary, (i) if on the date
of termination Executive is a “specified employee” as defined in Section 409A of the Code, and the deferral of the
commencement of any payments or benefits otherwise payable hereunder as a result of such termination the Agreement is necessary
in order to prevent the imposition of any accelerated or additional tax under Section 409A of the Code, then the Company will (A)
defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits
ultimately paid or provided to Executive) until the date that is six months following the date of termination (or the earliest
date as is permitted under Section 409A of the Code), and (B) add to such payment or benefit an interest payment for the six-month
period calculated using the short-term Applicable Federal Rate (monthly compounded) as in effect on the date of termination under
Section 1274(d) of the Internal Revenue Code and (ii) if any other payments of money or other benefits due to the Executive hereunder
could cause the application of an accelerated or additional tax under Section 409A of the Code, the parties agree to restructure
the payments or benefits to comply with Section 409A of the Code in a manner which does not diminish the value of such payments
and benefits to the Executive. To the extent any reimbursements or in-kind benefits due to the Executive under this Agreement constitute
“deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid in
a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). If under this Agreement, an amount is paid in two or more installments,
each installment shall be treated as a “separate payment” within the meaning of Section 409A of the Code.

 

    	 	15	 

     

    

 

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

 

	 	MDC PARTNERS INC.
	 	 
	 	By:	 
	 	 	Mark Penn,
	 	 	Chief Executive Officer
	 	 	 
	 	 	 
	 	 	Jonathan Mirsky

 

    	 	16Exhibit

AMENDMENT NO. 3
DATED AS OF MARCH 22, 2019 

TO THE 
AGREEMENT TO PURCHASE [*] SPARE ENGINES
BY AND BETWEEN
IAE INTERNATIONAL AERO ENGINES AG
AND
WILLIS LEASE FINANCE CORPORATION,
for itself and as Servicer

DATED AS OF MARCH 16, 2018

This document contains proprietary information of IAE International Aero Engines AG (“IAE”).  IAE offers the information contained in this document on the condition that you not disclose or reproduce the information in contravention of Section 8.4 of the Contract (as defined herein).  Neither receipt nor possession of this document, from any source, constitutes IAE’s permission.  Possessing, using, copying or disclosing this document to or for the benefit of any third party without IAE’s written consent may result in criminal and/or civil liability.
This document contains no technical data subject to the EAR or ITAR.
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.

Amdt 03-PA-IAE(WLFC) 5 Add'l [*] SPEs (2019-3-22) Final

AMENDMENT NO. 3
THIS AMENDMENT NO. 3 (this “Amendment No. 3”) dated as of March 22, 2019, by and between IAE International Aero Engines AG, with a place of business at 400 Main Street, East Hartford, Connecticut 06118, United States of America (“IAE”), and Willis Lease Finance Corporation, with a place of business at 4700 Lyons Technology Parkway, Coconut Creek, Florida 33073, United States of America (for itself and in its capacity as Servicer on behalf of the Permitted Affiliates, "Willis"), amends that certain Agreement to Purchase [*] Spare Engines dated March 16, 2018, by and between IAE and Willis (as amended from time to time, the “Contract”). 

Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in the Contract, unless expressly stated otherwise.

WHEREAS:

Willis desires to purchase from IAE, and IAE desires to sell to Willis, five (5) additional new [*] Spare Engines, which will be operated by one or more of Willis’ lessees on such lessees’ [*] aircraft powered by [*] engines; and

IAE and Willis desire to amend the Contract in order to add such five (5) additional new [*] Spare Engines to the Contract upon the terms and conditions set forth in the Contract together with this Amendment No. 3;

NOW THEREFORE:

In consideration of the foregoing recitals, conditions and of the mutual covenants herein contained, the parties hereby amend the Contract as follows:

		
	1.
	The recitals from page 3 of the Contract are hereby replaced in their entirety with the following:

“Willis desires to purchase from IAE, and IAE desires to sell to Willis, nineteen (19) new [*] Spare Engines, which will be operated by one or more lessees of Willis to support such lessees’ [*] aircraft powered by [*] engines; and
The parties hereby set out the terms upon which Willis will purchase from IAE, and IAE will sell to Willis, the nineteen (19) Spare Engines.”
		
	2.
	The definition of “Spare Engine” set forth in Section 1.9 is revised to read as follows:

““Spare Engine” means, individually or collectively as the context requires, the nineteen (19) [*] engines that are the subject of this Contract, as specified in Appendix 2 and described in the corresponding Specification. Each Spare Engine is [*].”

IAE Proprietary - Subject to the Restrictions on the Front Page

NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed. 

Amdt 03-PA-IAE(WLFC) 5 Add'l [*] SPEs (2019-3-22) Final    Page 2

		
	3.
	Sections 2.4.1.a, 2.4.1.b and 2.4.1.c are hereby deleted in their entireties and replaced with the following:

“a.    [*]

b.    [*]

“c.    [*]

		
	4.
	Section 2.4.3 is hereby deleted in its entirety and replaced with the following:

“All payments hereunder will be deemed to have been made only to the extent cleared or good value funds are received by IAE at a bank account in accordance with Section 2.4.2 above.  [*], and provided that Willis submits the preliminary version of the form attached as Appendix 4 in accordance with Section 2.5.2, then, at least [*] prior to the due date of any payment hereunder, IAE will provide Willis with an invoice therefor.  In respect of [*], IAE will provide Willis with an invoice therefor promptly upon execution of this Contract.”

		
	5.
	Section 2.5.2 is hereby deleted in its entirety and replaced with the following:

“[*], no less than (i) [*] for the preliminary version and (ii) [*] for the final version, in each case prior to the Delivery Date, Willis must provide IAE with instructions as to the marking and transportation details for each Spare Engine by completing the required portions of the form attached as Appendix 4. The Parties recognize that notwithstanding Section 2.5.2(ii) above, Willis shall be entitled to adjust [*] prior to the Delivery Date without any impact to the Delivery Date; provided, however, that if Willis makes any change to [*], or to [*], in each case within [*] of the Delivery Date, the Parties agree that IAE shall be entitled to up to [*] to process such adjustment and the Delivery Date will be extended accordingly without any liability to either Party.”

		
	6.
	Section 2.5.3 is hereby deleted in its entirety and replaced with the following:

“[*], provided that Willis complies with Section 2.5.2 above, IAE will provide Willis with the Spare Engine serial number no later than [*] prior to the Delivery Date.”

		
	7.
	Section 8.1.3 is hereby deleted in its entirety and replaced with the following:

“If IAE is hindered or prevented from Delivering any Spare Engine to Willis due to a reason other than Force Majeure for a period longer than the earlier to occur of (a) [*] after the Delivery Date set forth in Appendix 2 or (b) [*] (an "Inexcusable Delay"), both Parties shall meet to discuss in good faith an extension of the applicable Delivery Date or another amendment to this Contract. If the Parties do not agree on such extension or amendment, then Willis shall be entitled to terminate its obligation, at its option, to purchase either (i) the Spare Engine(s) affected by such Inexcusable Delay, or (ii) any undelivered Spare Engine(s) remaining under the Contract, with immediate effect and without judicial recourse, by giving IAE a written notice of its intention to do so, without liability resulting from such Inexcusable Delay for either Party; provided, however, that IAE will promptly return [*] for such Spare Engine(s).”

IAE Proprietary - Subject to the Restrictions on the Front Page

NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed. 

Amdt 03-PA-IAE(WLFC) 5 Add'l [*] SPEs (2019-3-22) Final    Page 3

		
	8.
	A new Section 8.1.4 is hereby added, which shall provide as follows:

[*]

		
	9.
	Willis’s notice address set forth in Section 8.11 is revised to read as follows:

“Willis Lease Finance Corporation
60 East Sir Francis Drake Blvd. 
Suite 209
Larkspur, California 94939
United States of America
Attention: [*]”

		
	10.
	Appendix 2 of the Contract, Delivery Schedule and Pricing, is hereby deleted and replaced with the following in order to add the five (5) additional Spares Engines:

“APPENDIX 2
DELIVERY SCHEDULE AND PRICING

IAE Proprietary - Subject to the Restrictions on the Front Page

NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed. 

Amdt 03-PA-IAE(WLFC) 5 Add'l [*] SPEs (2019-3-22) Final    Page 4

	
					
	Spare Engine Rank
	Spare Engine Model1
	Delivery Date2
	Spare Engine
Purchase Price
	 

	1
	[*]
	[*]
	See below3
	 

	2
	[*]
	[*]
	 

	3
	[*]
	[*]
	 

	4
	[*]
	[*]
	 

	5
	[*]
	[*]
	 

	6
	[*]
	[*]
	 

	7
	[*]
	[*]
	 

	8
	[*]
	[*]
	 

	9
	[*]
	[*]
	 

	10
	[*]
	[*]
	 

	11
	[*]
	[*]
	 

	12
	[*]
	[*]
	 

	13
	[*]
	[*]
	 

	14
	[*]
	[*]
	 

	15
	[*]
	[*]
	[*]
	 

	16
	[*]
	[*]
	[*]
	 

	17
	[*]
	[*]
	[*]
	 

	18
	[*]
	[*]
	[*]
	 

	19
	[*]
	[*]
	[*]
	 

	1For Spare Engine Ranks 1-14, Willis will notify IAE no later than [*] prior to the Delivery Date whether Willis requires that the Spare Engine be delivered in [*].

2IAE will be obligated to deliver each Spare Engine by [*], as appropriate.  Notwithstanding the foregoing, IAE and Willis agree to meet [*]to discuss in good faith the potential acceleration of one or more Delivery Dates within [*].  Should the Parties agree in writing to accelerate one or more Delivery Dates, such accelerated date(s) will become the Delivery Date(s) for all purposes of this Contract.

3Spare Engine Purchase Price (for Spare Engine Ranks 1-14): 
[*]
[*]

.”
The terms and conditions contained in this Amendment No. 3 constitute the entire agreement between the Parties with respect to the matters herein described, and supersede all prior understandings and agreements of the Parties with respect thereto. No amendment or modification of this Amendment No. 3 shall be binding upon a Party unless set forth in a written instrument executed by both Parties.

The Parties hereby acknowledge and agree that there has been full and adequate consideration for the mutual promises contained herein. The terms and conditions of the Contract are incorporated herein by reference.  Except as expressly amended hereby, all other terms and conditions of the Contract shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects.

This Amendment No. 3 is available for the Parties’ consideration until March 22, 2019. This Amendment No. 3 may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and all of which when taken together shall constitute the same instrument.

IAE Proprietary - Subject to the Restrictions on the Front Page

NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed. 

Amdt 03-PA-IAE(WLFC) 5 Add'l [*] SPEs (2019-3-22) Final    Page 5

Upon acceptance by IAE, as evidenced by execution of the signature block below, this Amendment No. 3 will become an enforceable amendment to the Contract.  After acceptance by IAE, IAE will return one (1) fully executed duplicate original Amendment No. 3 to Willis. The Parties agree that facsimile or electronically transmitted signatures are deemed to be of the same force and effect as an original executed document.  If executed by facsimile or electronic transmission, the Parties agree to provide original signature pages upon request.

[SIGNATURE PAGE FOLLOWS ON THE NEXT PAGE]

IAE Proprietary - Subject to the Restrictions on the Front Page

NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed. 

Amdt 03-PA-IAE(WLFC) 5 Add'l [*] SPEs (2019-3-22) Final    Page 6

IN WITNESS WHEREOF, the Parties have caused this Amendment No. 3 to be duly executed as of the date first stated above.
	
		
	WILLIS LEASE FINANCE CORPORATION,
for itself and as Servicer

	By:___________________________

	Name:_________________________

	Title:___________________________

	Date:___________________________

	IAE INTERNATIONAL AERO ENGINES AG

	 

	By:___________________________

	Name:_________________________

	Title:___________________________

	Date:___________________________

IAE Proprietary - Subject to the Restrictions on the Front Page

NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed. 

Amdt 03-PA-IAE(WLFC) 5 Add'l [*] SPEs (2019-3-22) Final    Page 7

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