Document:

Execution
      Copy

     

    RESTRICTED
      STOCK GRANT AGREEMENT 

    

    

    THIS
      AGREEMENT,
      made as
      of August 10, 2007 (the “Grant
      Date”),
      between MDC Partners Inc. (the “Corporation”), and David Doft (the “Grantee”).

    

    WHEREAS,
      pursuant to an Employment Agreement dated as of July 19, 2007 (the “Employment
      Agreement”),
      the
      Corporation has agreed to employ the Grantee as its Chief Financial Officer,
      on
      the terms and conditions more specifically set forth in such Employment
      Agreement;

    

    WHEREAS,
      in connection with the new Employment Agreement, the Human Resources &
Compensation Committee (the “Committee”)
      of the
      Board of Directors has determined to grant an equity incentive award to the
      Grantee in the form of restricted shares of Class A subordinate voting stock
      of
      the Corporation (“Restricted
      Stock”)
      as an
      inducement to such Grantee’s employment with the Company, subject to the terms,
      conditions and limitations provided herein;

    

    NOW,
      THEREFORE, the parties hereto agree as follows:

    

    1.
      Grant
      of Restricted Stock.

    

    1.1
      The
      Corporation hereby grants to the Grantee, on the terms and conditions set forth
      in this Agreement, an amount equal to 35,000 shares of Restricted Stock, as
      set
      forth under the Grantee's name on the signature page hereto. 

    

    1.2
      The
      Grantee's rights with respect to all the shares of Restricted Stock shall remain
      forfeitable at all times prior to the Applicable Lapse Date (as defined
      below).

    

    2.
      Rights
      of Grantee.

    

    Except
      as
      otherwise provided in this Agreement, the Grantee shall be entitled, at all
      times on and after the Grant Date, to exercise all rights of a shareholder
      with
      respect to the shares of Restricted Stock (whether or not the restrictions
      thereon shall have lapsed), other than with respect to those shares of
      Restricted Stock which have been forfeited pursuant to Section 3.2 hereof,
      including the right to vote the shares of Restricted Stock and, subject to
      Section 5 hereof, the right to receive dividends thereon. Prior to the
      Applicable Lapse Date, the Grantee shall not be entitled to transfer, sell,
      pledge, hypothecate or assign any shares of Restricted Stock (collectively,
      the
“Transfer
      Restrictions”).

    

    3.
      Vesting;
      Lapse of Restrictions.

    

    3.1
      The
      Transfer Restrictions with respect to all the shares of Restricted Stock granted
      under this Agreement shall lapse on each of the following dates (each, the
      “Applicable
      Lapse Date”),
      provided the Grantee continues to be serving as an Executive of the Corporation
      until each such Applicable Lapse Date:

    

    (a) on
      the
      first anniversary of the Grant Date, a total of 7,500 Shares shall vest and
      the
      Transfer Restrictions with respect to such Shares shall lapse;

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (b) on
      the
      second anniversary of the Grant Date, a total of 7,500 Shares shall vest and
      the
      Transfer Restrictions with respect to such Shares shall lapse; and

    (c) on
      the
      third anniversary of the Grant Date, the remaining 20,000 Shares shall vest
      and
      the Transfer Restrictions with respect to such Shares shall lapse.

    

    Notwithstanding
      the Transfer Restrictions with respect to all the shares of Restricted Stock
      shall lapse, if sooner, on the date of any one of the following “Permitted
      Acceleration Events”: (i) the occurrence of a Change in Control (as defined in
      the Company’s 2005 Stock Incentive Plan, as amended); or (ii) the Grantee’s
      employment is terminated by the Corporation, other than for Cause (as defined
      in
      the Employment Agreement) or for Good Reason (as defined in the Employment
      Agreement). In no event shall the Grantee be vested or otherwise entitled to
      more than one hundred percent (100%) of the shares of Restricted Stock granted
      pursuant to section 1.1 above.

    

    3.2
      Notwithstanding anything in this Agreement to the contrary, upon the resignation
      of Grantee for any reason or termination of Grantee’s employment as an executive
      of the Corporation for cause (other than due to a Permitted Acceleration Event),
      all shares of Restricted Stock in respect of which the Transfer Restrictions
      have not previously lapsed in accordance with Section 3.1 hereof shall be
      forfeited and automatically transferred to and reacquired by the Corporation
      at
      no cost to the Corporation, and neither the Grantee nor any heirs, executors,
      administrators or successors of such Grantee shall thereafter have any right
      or
      interest in such shares of Restricted Stock.

    

    4.
      Escrow
      and Delivery of Shares.

    

    4.1
      Certificates (or an electronic "book entry" on the books of the Corporation's
      stock transfer agent) representing the shares of Restricted Stock shall be
      issued and held by the Corporation (or its stock transfer agent) in escrow
      (together with any stock transfer powers which the Corporation may request
      of
      Grantee) and shall remain in the custody of the Corporation (or its stock
      transfer agent) until (i) their delivery to the Grantee as set forth in Section
      4.2 hereof, or (ii) their forfeiture and transfer to the Corporation as set
      forth in Section 3.2 hereof. The appointment of an independent escrow agent
      shall not be required.

    

    4.2 (a)
       Certificates
      (or an electronic "book entry") representing those shares of Restricted Stock
      in
      respect of which the Transfer Restrictions have lapsed pursuant to Section
      3.1
      hereof shall be delivered to the Grantee as soon as practicable following the
      Applicable Lapse Date.

    

    (b) The
      Grantee, or the executors or administrators of the Grantee's estate, as the
      case
      may be, may receive, hold, sell or otherwise dispose of those shares of
      Restricted Stock delivered to him or her pursuant to this Section 4.2 free
      and
      clear of the Transfer Restrictions, but subject to compliance with all federal
      and state securities laws. 

    

    4.3
       (a)
       Each
      stock certificate issued pursuant to Section 4.1 shall bear a legend in
      substantially the following form: 

    

    THIS
      CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS
      AND CONDITIONS SET FORTH IN A RESTRICTED STOCK AGREEMENT (THE "AGREEMENT")
      BETWEEN THE CORPORATION AND THE REGISTERED OWNER OF THE SHARES REPRESENTED
      HEREBY. RELEASE FROM SUCH TERMS AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE
      WITH THE PROVISIONS OF THE AGREEMENT, COPIES OF WHICH ARE ON FILE IN THE OFFICE
      OF THE SECRETARY OF THE CORPORATION.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (b)
       As
      soon
      as practicable following a Applicable Lapse Date, the Corporation shall issue
      a
      new certificate (or electronic "book entry") for shares of the Restricted Stock
      which have become non-forfeitable in relation to such Applicable Lapse Date,
      which new certificate (or electronic "book entry") shall not bear the legend
      set
      forth in paragraph (a) of this Section 4.3 and shall be delivered in accordance
      with Section 4.2 hereof.

    

    5.
      Dividends.
      All
      dividends declared and paid by the Corporation on shares of Restricted Stock
      shall be deferred until the lapsing of the Transfer Restrictions pursuant to
      Section 3.1. The deferred dividends shall be held by the Corporation for the
      account of the Grantee until the Applicable Lapse Date, at which time the
      dividends, with no interest thereon, shall be paid to the Grantee or her/his
      estate, as the case may be. Upon the forfeiture of the shares of Restricted
      Stock pursuant to Section 3.2, any deferred dividends shall also be forfeited
      to
      the Corporation. 

    

    6.
      No
      Right to Continued Retention.
      Nothing
      in this Agreement shall be interpreted or construed to confer upon the Grantee
      any right with respect to continuance as an Executive.

    

    7.
      Adjustments
      Upon Change in Capitalization.
      If, by
      operation of Section 10 of the 2005 Stock Incentive Plan, a Grantee who received
      a similar award of Restricted Stock pursuant to the 2005 Stock Incentive Plan
      were entitled to new, additional or different shares of stock or securities
      of
      the Corporation or any successor corporation or entity or other property, the
      Grantee shall also be entitled to such new, additional or different shares
      or
      other property which shall thereupon be subject to all of the conditions and
      restrictions which were applicable to the shares of Restricted Stock immediately
      prior to the event and/or transaction that gave rise to the operation of Section
      10 of the 2005 Stock Incentive Plan.

    

    8.
      Modification
      of Agreement.
      Except
      as set forth herein, this Agreement may be modified, amended, suspended or
      terminated, and any terms or conditions may be waived, but only by a written
      instrument executed by the parties hereto. 

    

    9.
      Severability.
      Should
      any provision of this Agreement be held by a court of competent jurisdiction
      to
      be unenforceable or invalid for any reason, the remaining provisions of this
      Agreement shall not be affected by such holding and shall continue in full
      force
      and effect in accordance with their terms. 

    

    10.
      Governing
      Law.
      The
      validity, interpretation, construction and performance of this Agreement shall
      be governed by the laws of the State of New York without regard to its conflict
      of laws principle, except to the extent that the application of New York law
      would result in a violation of the Canadian Business Corporation
      Act.

    

    

    *  *  *  *  *

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    11.
      Successors
      in Interest.
      This
      Agreement shall inure to the benefit of and be binding upon any successor to
      the
      Corporation. This Agreement shall inure to the benefit of the Grantee's heirs,
      executors, administrators and successors. All obligations imposed upon the
      Grantee and all rights granted to the Corporation under this Agreement shall
      be
      binding upon the Grantee's heirs, executors, administrators and successors.
      

     

    

    MDC
      PARTNERS INC.

    

    

    By:
      /s/
      Mitchell Gendel

    
      
        

      

    

    Name:
      Mitchell Gendel  

    Title:
      General Counsel 

    

    

    MDC
      PARTNERS INC.

    

    

    By:
      /s/
      Michael Sabatino 

    
      
        

      

    

    Name:
      Michael Sabatino 

    Title:
      Chief Accounting Officer

    
 

    GRANTEE:

    

    

    By:
      /s/
      David Doft

    
      
        

      

    

    Name:
      David
      Doft

    
 

    Number
      of
      Shares of Restricted 

    Stock
      Hereby Granted: 35,000 

     

     

    
      
         

      

      
        4Exhibit
      4.1

    [FACE
      OF
      CERTIFICATE - CAMDEN LEARNING CORPORATION]

    

    UNITS
      

    

    

    U
      

    

    

    SEE
      REVERSE FOR CERTAIN DEFINITIONS 

    

    CUSIP
      132863 127

    

    

    CAMDEN
      LEARNING CORPORATION

    

    UNITS
      CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT EACH TO PURCHASE ONE
      SHARE OF COMMON STOCK

    

    This
      Certifies that 

    

    

    is
      the
      owner of

    

    Units.

    

    Each
      Unit
      (“Unit”) consists of one (1) share of common stock, par value $.0001 per share
      (“Common Stock”), of CAMDEN LEARNING CORPORATION, a Delaware corporation (the
“Company”), and one warrant (the “Warrant”). Each Warrant entitles the holder to
      purchase one (1) share of Common Stock for $6.00 per share (subject to
      adjustment). Each Warrant will become exercisable on the later of (i) the
      Company’s completion of a business combination with a target business or (ii)
      _____________,
      2008
      and will expire unless exercised before 5:00 p.m., New York City Time, on
      _____________,
      2011,
      or earlier upon redemption (the “Expiration Date”). The Common Stock and Warrant
      comprising the Units represented by this certificate are not transferable prior
      to _____________,
      2007,
      subject to earlier separation in the discretion of the representative of the
      underwriters; provided, however, in no event will the representative of the
      underwriters allow separate trading of the common stock and warrants until
      (i)
      the Company files an audited balance sheet reflecting receipt of the gross
      proceeds of the offering, (ii) the Company files a Current Report on Form 8-K
      and issues a press release announcing when such separate trading will begin
      and
      (iii) the expiration of the underwriters over-allotment option or its exercise
      in full. The terms of the Warrants are governed by a Warrant Agreement, dated
      as
      of _____________,
      2007,
      between the Company and Continental Stock Transfer & Trust Company, as
      Warrant Agent, and are subject to the terms and provisions contained therein,
      all of which terms and provisions the holder of this certificate consents to
      by
      acceptance hereof. Copies of the Warrant Agreement are on file at the office
      of
      the Warrant Agent at 17
      Battery Place, New York, New York 10004,
      and are
      available to any Warrant holder on written request and without cost. This
      certificate is not valid unless countersigned by the Transfer Agent and
      Registrar of the Company.

     

    Witness
      the facsimile seal of the Company and the facsimile signature of its duly
      authorized officers. 

    

    

    COUNTERSIGNED
      AND REGISTERED: 

    CONTINENTAL
      STOCK TRANSFER & TRUST COMPANY 

    TRANSFER
      AGENT AND REGISTRAR 

    BY:
      

    AUTHORIZED
      OFFICER 

    

    

    By
      

    

    

    (SIGNATURE)

    CHIEF
      EXECUTIVE OFFICER 

    

    

    (SEAL)

    

    (SIGNATURE)

    SECRETARY
      

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    [REVERSE
      OF CERTIFICATE]

    

    CAMDEN
      LEARNING CORPORATION

    

    The
      Company will furnish without charge to each stockholder who so requests, a
      statement of the powers, designations, preferences and relative, participating,
      optional or other special rights of each class of stock or series thereof of
      the
      Company and the qualifications, limitations, or restrictions of such preferences
      and/or rights.

     

    The
      following abbreviations, when used in the inscription on the face of this
      certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

     

    TEN
      COM -
      as tenants in common  

    TEN
      ENT -
      as tenants by the entireties  

    JT
      TEN -
      as joint tenants with right of survivorship and not as tenants in
      common

     

    UNIF
      GIFT
      MIN ACT- ______________Custodian________________

    (Cust)                                    
      (Minor)

     

    under
      Uniform Gifts to Minors Act ________________________ 

    (State)
      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    For
      value
      received ___________________________ , hereby sell, assign and transfer
      unto

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

     

    _______________________________________________________________

     

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

    

    _______________________________________________________________

    

    _______________________________________________________________

    Units
      represented by the within Certificate, and do hereby irrevocably constitute
      and
      appoint

     

    _______________________________________________________________

    Attorney
      to transfer the said Units on the books of the within named Company with full
      power of substitution in the premises.

     

    Dated:
      

    

    Notice: The
      signature to this assignment must correspond with the name as written upon
      the
      face of the certificate in every particular, without alteration or enlargement
      or any change whatever.

     

    Signature(s)
      Guaranteed: 

    

    By
      ___________________

    THE
      SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
      STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
      IN
      AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
      17Ad-15). 

    

    The
      holder of this certificate shall be entitled to receive funds from the trust
      account only in the event of the Company’s liquidation or if the holder seeks to
      convert his respective shares into cash upon a business combination which he
      voted against and which is actually completed by the Company. In no other
      circumstances shall the holder have any right or interest of any kind in or
      to
      the trust account.

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