Document:

Exhibit 10.3

 

GARMIN LTD.

2005 EQUITY INCENTIVE PLAN

as amended and restated on June 27, 2010

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

	To:	_______________________ ("you" or the "Grantee")

 

	Date of Grant: 	_______________________

 

Notice
of Grant:

 

You have been
granted restricted stock units ("RSUs") relating to the shares, CHF 10 par value per share, of Garmin Ltd. ("Shares"),
subject to the terms and conditions of the Garmin Ltd. 2005 Equity Incentive Plan, as amended and restated on June 5, 2009 and
on June 27, 2010 (the "Plan") and the Award Agreement between you and Garmin Ltd. (the "Company"), attached
as Exhibit A. Accordingly, provided you satisfy the conditions set forth in this Notice of Grant and Exhibit A, the Company agrees
to pay you Shares as follows:

 

	Number of RSUs Granted	 	Dates Payable	 	Date Grantee Must Be
 Employed To Receive Award
	 	 	 	 	 
	__________ Shares	 	__________, 2013	 	______________, 2013
	__________ Shares	 	__________, 2014	 	______________, 2014
	__________ Shares	 	__________, 2015	 	______________, 2015

 

In order to fully understand your rights under
the Plan (a copy of which is attached) and the Award Agreement (the "Award Agreement"), attached as Exhibit A, you are
encouraged to read the Plan and this document carefully. Please refer to the Plan document for the definition of capitalized terms
used in this Agreement.

 

By accepting these RSUs, you are also
agreeing to be bound by Exhibit A, including the restrictive covenants in Section 6 of Exhibit A.

 

	 	GARMIN LTD.
	 	 
	 	By:	/s/ Min H. Kao	 
	 	Name:	Min H. Kao
	 	Title:	Chairman and CEO

 

	Grantee:	 
	 	 
	 	 
	 	 
	Date:	 	 
	 	 	 

 

    	 

    	 

    

 

EXHIBIT A

 

AGREEMENT:

 

In consideration of
the mutual promises and covenants contained herein and other good and valuable consideration paid by the Grantee to the Company,
the Grantee and the Company agree as follows:

 

Section
1.          Incorporation of Plan

 

All provisions of this
Award Agreement and the rights of the Grantee hereunder are subject in all respects to the provisions of the Plan and the powers
of the Board therein provided. Capitalized terms used in this Award Agreement but not defined shall have the meaning set forth
in the Plan.

 

Section
2.          Grant of RSUs

 

As of the Date of Grant
identified above, the Company grants to you, subject to the terms and conditions set forth herein and in the Plan, the opportunity
to receive that number of unrestricted Shares identified below the heading "Number of RSUs Granted" on the Notice of
Grant (the "RSUs"). Provided you are employed (and at all times since the Date of Grant have been employed) by the Company
on a Full-Time Basis (which, for purposes of this Award Agreement, means regularly scheduled to work 30 hours or more per week)
and unless your right to receive the RSUs has been forfeited pursuant to Section 3 below, then (subject to Section 12 below) you
will be paid a number of unrestricted Shares equal to the aggregate number of your remaining RSUs on the dates above identified
below the heading "Dates Payable" on the Notice of Grant. If a date under “Dates Payable” is a Saturday or
Sunday or any other non-business day, then you will be paid the Shares payable on that date on the next business day. For purposes
of this Agreement, except where the Board otherwise determines, a Grantee who, immediately before taking a Company-approved leave
of absence, was employed on a Full-Time Basis will be considered employed on a Full-Time Basis during the period of such Company-approved
leave.

 

Section
3.          Effect of Termination of
Affiliation or Cessation as Full-Time Employee

 

If you have a Termination
of Affiliation or cease to be employed on a Full-Time Basis for any reason, including termination by the Company with or without
Cause, voluntary resignation, change in employment status from full-time to part-time, death, or Disability, the effect of such
Termination of Affiliation or ceasing to be employed on a Full-Time Basis on all or any portion of the RSUs is as provided below.

 

(a)          If
you have a Termination of Affiliation on account of death or Disability, your RSUs that were forfeitable immediately before such
Termination of Affiliation, if any, shall thereupon become nonforfeitable and the Company shall, promptly settle all RSUs by delivery
to you (or, after your death, to your personal representative or designated beneficiary) a number of unrestricted Shares equal
to the aggregate number of your remaining RSUs;

 

    	2

    	 

    

 

(b)          If
you have a Termination of Affiliation during the period ("Change of Control Period") commencing on a Change of Control
and ending on the first anniversary of the Change of Control, which Termination of Affiliation is initiated by the Company or a
Subsidiary other than for Cause, or initiated by the Grantee for Good Reason, then your RSUs that were forfeitable shall thereupon
become nonforfeitable and the Company shall immediately settle all RSUs by delivery to you a number of unrestricted Shares equal
to the aggregate number of your remaining RSUs;

 

(c)          If
you have a Termination of Affiliation for Cause or for any reason other than for, death or Disability, or under the circumstances
described in immediately above in Section 3(b), your RSUs, to the extent forfeitable immediately before such Termination of Affiliation,
shall thereupon automatically be forfeited and you shall have no further rights under this Award Agreement; 

 

(d)          If
you cease to be employed on a Full-Time Basis for any reason other than for death or Disability, your RSUs, to the extent forfeitable
immediately before such cessation of employment on a Full-Time Basis, shall thereupon automatically be forfeited and you shall
have no further rights under this Award Agreement.

 

Section
4.          Investment Intent

 

The Grantee agrees
that the Shares acquired pursuant to the vesting of one or more tranches of RSUs shall be acquired for his/her own account for
investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the
meaning of the Securities Act of 1933 (the "1933 Act") or other applicable securities laws. The Company may, but in no
event shall be required to, bear any expenses of complying with the 1933 Act, other applicable securities laws or the rules and
regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification,
or transfer, as the case may be, of this Award Agreement or any Shares acquired hereunder. The foregoing restrictions on the transfer
of the Shares shall be inoperative if (a) the Company previously shall have been furnished with an opinion of counsel, satisfactory
to it, to the effect that such transfer will not involve any violation of the 1933 Act and other applicable securities laws or
(b) the Shares shall have been duly registered in compliance with the 1933 Act and other applicable state or federal securities
laws. If this Award Agreement, or the Shares subject to this Award Agreement, are so registered under the 1933 Act, the Grantee
agrees that he will not make a public offering of the said Shares except on a national securities exchange on which the shares
of the Company are then listed.

 

Section
5.          Nontransferability of RSUs

 

No rights under this
Award Agreement relating to the RSUs may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, including,
unless specifically approved by the Company, any purported transfer to a current spouse or former spouse in connection with a legal
separation or divorce proceeding. All rights with respect to the RSUs granted to the Grantee shall be available during his or her
lifetime only to the Grantee.

 

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Section
6.          Restrictive Covenants

 

As a condition of this
Award Agreement, the Grantee's right to the RSUs, and in addition to any restrictive agreements the Grantee may have entered into
with the Company, the Grantee accepts and agrees to be bound as follows:

 

(a)          Nondisclosure
of Award Agreement Terms. The Grantee agrees not to disclose or cause to be disclosed at any time, nor authorize anyone
to disclose any information concerning this Award Agreement except (i) as required by law, or (ii) to the Grantee's legal and financial
advisors who agree to be bound by this Paragraph 6(a).

 

(b)          Noncompetition.
During the Grantee's employment and until one year after the Grantee ceases being employed by or acting as a consultant or independent
contractor to the Company or any Subsidiary, the Grantee will not perform services as an employee, director, officer, consultant,
independent contractor or advisor, or invest in, whether in the form of equity or debt, or otherwise have an ownership interest
in any company, entity or person that directly competes anywhere in the United States, the United Kingdom, Taiwan, or in any other
location outside the United States, the United Kingdom or Taiwan where the Company or a Subsidiary conducts or (to the Grantee's
knowledge) plans to conduct business. Nothing in this Section 6(b) shall, however, restrict the Grantee from making an investment
in and owning up to one-percent (1%) of the common stock of any company whose stock is listed on a national securities exchange
or actively traded in an over-the-counter market; provided that such investment does not give the Grantee the right or ability
to control or influence the policy decisions of any direct competitor of the Company or a Subsidiary.

 

(c)          Noninterference.
During the Grantee's employment and until one year after the Grantee ceases being employed by or acting as a consultant or independent
contractor to the Company or any Subsidiary, the Grantee will not, either directly or indirectly through another business or person,
solicit, entice away, or otherwise interfere with any employee, customer, prospective customer, vendor, prospective vendor, supplier
or other similar business relation or (to the Grantee's knowledge) prospective business relation of the Company or any Subsidiary.

 

(d)          Nonsolicitation.
During the Grantee's employment and until one year after the Grantee ceases being employed by or acting as a consultant or independent
contractor to the Company or any Subsidiary, the Grantee will not, either directly or indirectly through another business or person,
hire, recruit, employ, or attempt to hire, recruit or employ, or facilitate any such acts by others, any person then currently
employed by the Company or any Subsidiary.

 

    	4

    	 

    

 

(e)          Confidentiality.
The Grantee acknowledges that it is the policy of the Company and its subsidiaries to maintain as secret and confidential all valuable
and unique information and techniques acquired, developed or used by the Company and its Subsidiaries relating to their businesses,
operations, employees and customers ("Confidential Information"). The Grantee recognizes that the Confidential Information
is the sole and exclusive property of the Company and its subsidiaries, and that disclosure of Confidential Information would cause
damage to the Company and its Subsidiaries. The Grantee shall not at any time disclose or authorize anyone else to disclose any
Confidential Information or proprietary information that (A) is disclosed to or known by the Grantee as a result or as a consequence
of or through the Grantee's performance of services for the Company or any Subsidiary, (B) is not publicly or generally known outside
the Company and (C) relates in any manner to the Company's business. This obligation will continue even though the Grantee's employment
with the Company or a Subsidiary may have terminated. This paragraph 6(e) shall apply in addition to, and not in derogation of
any other confidentiality agreements that may exist, now or in the future, between the Grantee and the Company or any Subsidiary.

 

(f)          No
Detrimental Communications. The Grantee agrees not to disclose or cause to be disclosed at any time any untrue, negative,
adverse or derogatory comments or information about the Company or any Subsidiary, about any product or service provided by the
Company or any Subsidiary, or about prospects for the future of the Company or any Subsidiary.

 

(g)          Remedy.
The Grantee acknowledges the consideration provided herein (absent the Grantee's agreement to this Section 6) is more than the
Company is obligated to pay, and the Grantee further acknowledges that irreparable harm would result from any breach of this Section
and monetary damages would not provide adequate relief or remedy. Accordingly, the Grantee specifically agrees that, if the Grantee
breaches any of the Grantee's obligations under this Section 6, the Company and any Subsidiary shall be entitled to injunctive
relief therefor, and in particular, without limiting the generality of the foregoing, neither the Company nor any Subsidiary shall
be precluded from pursuing any and all remedies they may have at law or in equity for breach of such obligations. In addition,
this Award Agreement and all of Grantee's right hereunder shall terminate immediately the first date on which the Grantee engages
in such activity and the Board shall be entitled on or after the first date on which the Grantee engages in such activity to require
the Grantee to return any Shares obtained by the Grantee's upon vesting of any RSUs to the Company and to require the Grantee to
repay any proceeds received at any time from the sale of Shares obtained by the Grantee pursuant to the vesting of any RSUs (plus
interest on such amount from the date received at a rate equal to the prime lending rate as announced from time to time in The
Wall Street Journal) and to recover all reasonable attorneys' fees and expenses incurred in terminating this Award Agreement
and recovering such Shares and proceeds.

 

Section
7.          Status of the Grantee

 

The Grantee shall not
be deemed a shareholder of the Company with respect to any of the Shares subject to this Award Agreement until such time as the
underlying Shares shall have been issued to him or her. The Company shall not be required to issue or transfer any Shares pursuant
to this Award Agreement until all applicable requirements of law have been complied with and such Shares shall have been duly listed
on any securities exchange on which the Shares may then be listed. Grantee (i) is not entitled to receive any dividends or dividend
equivalents, whether such dividends would be paid in cash or in kind, or receive any other distributions made with respect to the
RSUs and (ii) does not have nor may he or she exercise any voting rights with respect to any of the RSUs, in both cases (i) and
(ii) above, unless and until the actual Shares underlying the RSUs have been delivered pursuant to this Award Agreement.

 

    	5

    	 

    

 

Section
8.          No Effect on Capital Structure

 

This Award Agreement
shall not affect the right of the Company to reclassify, recapitalize or otherwise change its capital or debt structure or to merge,
consolidate, convey any or all of its assets, dissolve, liquidate, windup, or otherwise reorganize.

 

Section
9.          Adjustments

 

Notwithstanding any
provision herein to the contrary, in the event of any change in the number of outstanding Shares effected without receipt of consideration
therefor by the Company, by reason of a merger, reorganization, consolidation, recapitalization, separation, liquidation, stock
dividend, stock split, share combination or other change in the corporate structure of the Company affecting the Shares, the aggregate
number and class of Shares subject to this Award Agreement shall be automatically adjusted to accurately and equitably reflect
the effect thereon of such change; provided, however, that any fractional share resulting from such adjustment shall be eliminated.
In the event of a dispute concerning such adjustment, the decision of the Board shall be conclusive.

 

Section
10.         Amendments 

 

This Award Agreement
may be amended only by a writing executed by the Company and the Grantee which specifically states that it is amending this Award
Agreement; provided that this Award Agreement is subject to the power of the Board to amend the Plan as provided therein. Except
as otherwise provided in the Plan, no such amendment shall materially adversely affect the Grantee's rights under this Award Agreement
without the Grantee's consent.

 

Section
11.         Board Authority

 

Any questions concerning
the interpretation of this Award Agreement, any adjustments required to be made under Sections 9 or 10 of this Award Agreement,
and any controversy which arises under this Award Agreement shall be settled by the Board in its sole discretion.

 

Section
12.         Withholding

 

At the time the RSUs
are delivered to you pursuant to this Award Agreement, the Company will be obligated to pay withholding and social taxes on your
behalf. Accordingly, the Company shall have the power to withhold, or require you to remit to the Company, an amount sufficient
to satisfy any such federal, state, local or foreign withholding tax or social tax requirements. At the Company's discretion, withholding
may be taken from other compensation payable to you or may be satisfied by reducing the number of RSUs deliverable to you. If the
Company elects to reduce the number of RSUs deliverable to you and less than the full value of an RSU is needed to satisfy any
applicable withholding taxes, the Company will distribute to you the value of the remaining fractional share in cash in an amount
equal to the Fair Market Value of a Share as of the Settlement Date multiplied by the remaining fractional RSU.

 

    	6

    	 

    

 

Section
13.         Notice

 

Whenever any notice
is required or permitted hereunder, such notice must be given in writing by (a) personal delivery, or (b) expedited, recognized
delivery service with proof of delivery, or (c) United States Mail, postage prepaid, certified mail, return receipt requested,
or (d) telecopy or email (provided that the telecopy or email is confirmed). Any notice required or permitted to be delivered hereunder
shall be deemed to be delivered on the date which it was personally delivered, sent to the intended addressee, or, whether actually
received or not, on the third business day after it is deposited in the United States mail, certified or registered, postage prepaid,
addressed to the person who is to receive it at the address which such person has theretofore specified by written notice delivered
in accordance herewith. The Company or the Grantee may change, at any time and from time to time, by written notice to the other,
the address specified for receiving notices. Until changed in accordance herewith, the Company's address for receiving notices
shall be Garmin Ltd., Attention: General Counsel, Mühlentalstrasse 2, 8200 Schaffhausen, Switzerland. Unless changed, the
Grantee's address for receiving notices shall be the last known address of the Grantee on the Company's records. It shall be the
Grantee's sole responsibility to notify the Company as to any change in his or her address. Such notification shall be made in
accordance with this Section 13.

 

Section
14.         Severability

 

If any part of this
Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall
not serve to invalidate any part of this Award Agreement not declared to be unlawful or invalid. Any part so declared unlawful
or invalid shall, if possible, be construed in a manner which gives effect to the terms of such part to the fullest extent possible
while remaining lawful and valid. Additionally, if any of the covenants in Section 6 are determined by a court to be unenforceable
in whole or in part because of such covenant's duration or geographical or other scope, such court shall have the power to modify
the duration or scope of such provision as the case may be, so as to cause such covenant, as so modified, to be enforceable.

 

Section
15.         Binding Effect

 

This Award Agreement
shall bind, and, except as specifically provided herein, shall inure to the benefit of the respective heirs, legal representatives,
successors and assigns of the parties hereto.

 

Section
16.         Governing Law and Jurisdiction

 

This
Award Agreement and the rights of all persons claiming hereunder shall be construed and determined in accordance with the laws
of the State of Kansas without giving effect to the principles of the Conflict of Laws to the contrary. . Except as otherwise provided
by mandatory forum requirements of the applicable law, the courts of the State of Kansas shall have exclusive jurisdiction with
regard to any disputes under the Plan. The Company shall retain,
however, in addition the right to bring any claim in any other appropriate forum.

 

    	7EXECUTION VERSION

 

MDC PARTNERS INC.,

 

THE NOTE GUARANTORS PARTY HERETO

 

AND

 

THE BANK OF NEW YORK MELLON,

 

AS TRUSTEE

 

11% SENIOR NOTES DUE 2016

 

SEVENTH SUPPLEMENTAL INDENTURE

 

Dated as of December 10, 2012

 

    	 

    	 

    

 

This SEVENTH SUPPLEMENTAL INDENTURE,
dated as of December 10, 2012 (this “Seventh Supplemental Indenture”), among MDC Partners Inc., a corporation
continued under the laws of Canada (the “Company”), the Note Guarantors party hereto and The Bank of New York
Mellon, a New York banking corporation, as Trustee under the Indenture referred to below (the “Trustee”).

 

WITNESSETH:

 

WHEREAS, the Company, the Note Guarantors
party hereto and the Trustee have previously entered into an indenture, dated as of October 23, 2009 (the “Base Indenture”)
as supplemented by the First Supplemental Indenture dated as of May 14, 2010, the Second Supplemental Indenture dated as of October
23, 2010, the Third Supplemental Indenture dated as of April 19, 2011, the Fourth Supplemental Indenture dated as of May 2, 2011,
the Fifth Supplemental Indenture dated as of September 19, 2011, and the Sixth Supplemental Indenture dated as of March 23, 2012,
together, and as may be further amended, supplemented, waived or otherwise modified, the “Indenture”), providing
for the issuance of 11% Senior Notes due 2016 of the Company (the “Notes”), all of which are outstanding on
the date hereof;

 

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

 

WHEREAS, the Board of Directors of
the Company has authorized by resolutions, including the Additional Note Board Resolutions pursuant to Section 2.14(b) of
the Base Indenture, the issuance of $80,000,000 aggregate principal amount of Additional Notes (the “December 2012 Additional
Notes”);

 

WHEREAS, pursuant to Section 2.14(b)
of the Base Indenture, the Company has delivered to the Trustee the Officers’ Certificate pursuant to and in accordance with
the Additional Note Board Resolutions relating to the December 2012 Additional Notes;

 

WHEREAS, the Company, the Note Guarantors,
and J.P. Morgan Securities LLC, as representative of the initial purchasers, have entered into an Exchange and Registration Rights
Agreement, dated as of the date hereof, (the “December 2012 Additional Notes Registration Rights Agreement”)
with respect to the December 2012 Additional Notes;

 

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

 

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

 

    	 

    	 

    

 

NOW, THEREFORE, for and in
consideration of the premises and the mutual covenants contained herein and in the Indenture and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company, the Note Guarantors and the Trustee hereby agree for
the equal and ratable benefit of all Holders of the December 2012 Additional Notes as follows:

 

Article
I

 

DEFINITIONS

 

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

 

Article
II

 

ADDITIONAL
NOTES

 

Section 2.1.          The
Additional Notes. (a) Pursuant to Section 2.14 of the Base Indenture, the Company hereby creates $80,000,000 aggregate
principal amount of its 11% Senior Notes due 2016. These December 2012 Additional Notes shall constitute a single series with the
Company’s Outstanding Notes issued on October 23, 2009, May 14, 2010 and April 19, 2011 (the “Existing Notes”),
to which the December 2012 Additional Notes are identical in all terms and conditions except as to the issue date, the amount of
interest payable on the first Interest Payment Date therefore and issue price as permitted under Section 2.14(a) of
the Base Indenture and except as further provided in paragraph (b) below. Interest on the December 2012 Additional Notes shall
accrue from November 1, 2012. The first interest payment date of the December 2012 Additional Notes shall be May 1, 2013. All December
2012 Additional Notes issued under the Indenture will, when issued, be considered Notes for all purposes thereunder and will be
subject to and take the benefit of all of the terms, conditions and provisions of the Indenture. The December 2012 Additional Notes
shall be issued in global form in minimum denominations of $2,000 and integral multiples of $ 1,000 in excess thereof in substantially
the form of Exhibit A hereto. The terms and provisions of the December 2012 Additional Notes set forth in Exhibit A
hereto shall constitute and are expressly made a part of this Seventh Supplemental Indenture.

 

(b)          As
further permitted under Section 2.14(a) of the Base Indenture, the December 2012 Additional Notes shall have different
CUSIP and ISIN numbers than those of any of the Existing Notes until (A) the Registered Exchange Offer, if required, for the December
2012 Additional Notes is completed pursuant to the December 2012 Additional Notes Registration Rights Agreement and the Indenture
or (B) the December 2012 Additional Notes are otherwise freely tradable and the restrictive legend has been removed therefrom pursuant
to Section 2.7(h) of the Base Indenture, (whichever occurs earlier, the “Specified Time”). At the
Specified Time, the portion of the December 2012 Additional Notes represented by Global Notes exchanged in a Registered Exchange
Offer as described in clause (A) above or freely tradable as described in clause (B) above will, to the extent permitted by DTC
and applicable law, be consolidated with the Global Note for the Existing Notes to the extent such Global Note for the December
2012 Additional Notes is freely tradable and does not have a restrictive legend.

 

    	2

    	 

    

 

Section 2.2.          Execution
and Authentication of the Additional Notes. The Trustee shall, upon receipt of and in accordance with a Company Order pursuant
to Section 2.03 of the Base Indenture, authenticate and deliver the December 2012 Additional Notes in the aggregate principal
amount of $80,000,000.

 

Article
III

 

MISCELLANEOUS

 

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

 

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

 

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

 

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

 

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

 

[Signature Pages Follow]

 

    	3

    	 

    

 

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

 

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

 

[Signature Page to Seventh Supplemental
Indenture]

 

    	 

    	 

    

 

	 	Accent Marketing Services, LLC
	 	Ashton Potter Canada Inc.
	 	Computer Composition of Canada LP
	 	Crispin Porter & Bogusky LLC 
	 	Dotglu LLC
	 	KBP Holdings LLC
	 	kbs+p Canada LP
	 	Kirshenbaum Bond Senecal & Partners LLC
	 	Maxxcom (USA) Holdings Inc.
	 	Maxxcom Inc. (US)
	 	MDC Acquisition Inc.
	 	MDC Corporate (US) Inc.
	 	MDC/KBP Acquisition Inc.
	 	MF+P Acquisition Co.
	 	Redscout LLC
	 	RJ Palmer Partners LLC
	 	TargetCom LLC
	 	TC Acquisition Inc.
	 	Union Advertising Canada LP
	 	Varick Media Management LLC
	 	Yamamoto Moss Mackenzie, Inc.
	 	ZG Acquisition Inc.

	 	each as Note Guarantor
	 	 	 
	 	By:	/s/ Mitchell Gendel
	 	 	Name:  Mitchell Gendel
	 	 	Title: Authorized Signatory

 

[Signature Page to Seventh Supplemental
Indenture]

 

    	 

    	 

    

 

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

 

[Signature Page to Seventh Supplemental
Indenture]

 

    	 

    	 

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL
INCOME TAX PURPOSES. THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT UNDER SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED, A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY
FOR THIS NOTE BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: MDC PARTNERS INC., 745 FIFTH
AVENUE, 19th FLOOR, NEW YORK, NEW YORK 10151, ATTENTION: GENERAL COUNSEL.

 

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

 

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

 

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

 

    	 

    	 

    

 

THE SALE OF THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’), AND ACCORDINGLY, THIS NOTE MAY NOT BE OFFERED OR
SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES THAT (1) IT WILL NOT WITHIN THE
LATER OF (X) ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF THE NOTES, AND (Y) 90 DAYS AFTER IT CEASES TO BE AN AFFILIATE
(WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE ISSUER, OFFER, RESELL, PLEDGE OR OTHERWISE TRANSFER THE NOTE EVIDENCED
HEREBY, EXCEPT (A) TO THE ISSUER; (B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT;
(C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN
THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A; (D) IN AN OFFSHORE TRANSACTION COMPLYING
WITH RULE 903 OR RULE 904 OF REGULATION S; OR (E) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT; (2) IT WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS;
AND (3) IT WILL, PRIOR TO ANY TRANSFER OF THIS NOTE PURSUANT TO CLAUSE (D) WITHIN THE LATER OF (X) ONE YEAR AFTER THE LAST DATE
OF ORIGINAL ISSUANCE OF THE NOTES AND (Y) 90 DAYS AFTER IT CEASES TO BE AN AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE
SECURITIES ACT) OF THE ISSUER, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS
THEY MAY REQUIRE PURSUANT TO THE INDENTURE AND MAY RELY UPON TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO SUCH OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. IN ANY EVENT, NO AFFILIATE OF THE ISSUER MAY PURCHASE
OR SELL THESE NOTES PRIOR TO THE DATE THAT IS ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF THE NOTES. THE RESTRICTIONS
SET FORTH IN THIS LEGEND SHALL CEASE TO HAVE EFFECT ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF THE NOTES, PROVIDED THAT
ALL HOLDERS AFTER SUCH DATE SHALL CONTINUE TO BE REQUIRED TO TRANSFER NOTES IN CONFORMITY WITH THE REQUIREMENTS OF APPLICABLE SECURITIES
LAWS.

 

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

 

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

 

    	 

    	 

    
 

FACE OF NOTE

11% Senior Notes due 2016

 

	No.	Principal Amount $______

 

	 	as revised by the Schedule of Increases and
	 	Decreases in Global Note attached hereto
	 	 
	 	CUSIP NO.
	 	 
	 	ISIN NO.

 

MDC Partners Inc., a corporation continued
under the laws of Canada (together with its successors and assigns, the “Company”) promises to pay to CEDE &
CO., or registered assigns, the principal sum of $______ United States Dollars, as revised by the Schedule of Increases and Decreases
in Global Note attached hereto, on December 10, 2012.

 

Interest Payment Dates:      May
1 and November 1, commencing on May 1, 2013

 

Record Dates:                       April 15 and
October 15

 

    	 

    	 

    

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

 

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

 

TRUSTEE’S CERTIFICATE
OF

AUTHENTICATION

 

This is one of the Notes referred to in the

within-mentioned Indenture.

 

THE BANK OF NEW YORK MELLON,

as Trustee

 

	By:	 	 	Date:	 
	 	Authorized Signatory	 	 	 

 

    	 

    	 

    

 

[FORM OF REVERSE SIDE OF NOTE]

 

11% Senior Notes due 2016

 

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

 

1.          Interest

 

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

 

The Company will pay interest semiannually
in arrears on each Interest Payment Date of each year commencing May 1, 2013; provided that if any such Interest Payment
Date is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue
from, and including, the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from,
and including, November 1, 2012. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (“Defaulted Interest”),
without regard to any applicable grace period, at the then applicable rate on the Notes. Interest will be computed on the basis
of a 360-day year of twelve 30-day months.

 

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

 

2.          Method
of Payment

 

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

 

    	1

    	 

    

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

 

3.          Paying
Agent and Registrar

 

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

 

4.          Indenture

 

The Company issued the Notes under an, Indenture,
dated as of October 23, 2009 (the “Base Indenture”) (as supplemented by the First Supplemental Indenture dated
as of May 14, 2010, the Second Supplemental Indenture dated as of October 23, 2010, the Third Supplemental Indenture dated as of
April 19, 2011, the Fourth Supplemental Indenture dated as of May 2, 2011, the Fifth Supplemental Indenture dated as of September
19, 2011, the Sixth Supplemental Indenture dated as of March 23, 2012 and the Seventh Supplemental Indenture dated as of December
10, 2012, and as may be further amended, supplemented, waived or otherwise modified from time to time in accordance with the terms
thereof, the “Indenture”), among the Company, the Note Guarantors and the Trustee. The terms of the Notes include
those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms,
and Holders are referred to the Indenture and the TIA for a statement of those terms. Each Holder, by accepting a Note, agrees
to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from time to time.

 

The Notes are general unsecured obligations
of the Company of which $80,000,000 in aggregate principal amount will be issued on December 10, 2012 as Additional Notes, in addition
to the $225,000,000 in aggregate principal amount issued on October 23, 2009, the $65,000,000 in aggregate principal amount issued
on May 14, 2010 and the $55,000,000 in aggregate principal amount issued on April 19, 2011. Subject to the conditions set forth
in the Indenture and without the consent of the Holders, the Company may issue Additional Notes. All Notes will be treated as a
single class of securities under the Indenture. The Indenture imposes certain limitations on, among other things, the ability of
the Company and its Restricted Subsidiaries to: Incur Indebtedness, make Restricted Payments, create Liens, make Asset Sales, designate
Unrestricted Subsidiaries, enter into transactions with Affiliates, enter into Sale and Leaseback Transactions, or consolidate
or merge or transfer or convey all or substantially all of the Company’s and its Restricted Subsidiaries’ assets.

 

    	2

    	 

    

To guarantee the due and punctual payment
of the principal of, premium and interest on the Notes and all other amounts payable by the Company under the Indenture and the
Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms
of the Notes and the Indenture, Accent Marketing Services, LLC, Ashton Potter Canada Inc., Computer Composition of Canada LP, Crispin
Porter & Bogusky LLC, Dotglu LLC, KBP Holdings LLC, kbs+p Canada LP, Kirshenbaum Bond Senecal & Partners LLC, Maxxcom (USA)
Holdings Inc., Maxxcom Inc. (US), MDC Acquisition Inc., MDC Corporate (US) Inc., MDC/KBP Acquisition Inc., MF+P Acquisition Co.,
Redscout LLC, RJ Palmer Partners LLC, TargetCom LLC, TC Acquisition Inc., Union Advertising Canada LP, Varick Media Management
LLC, Yamamoto Moss Mackenzie, Inc. and ZG Acquisition Inc. have unconditionally guaranteed (and each future Wholly Owned Subsidiary
will unconditionally guarantee), jointly and severally, such obligations pursuant to the terms of the Indenture. Each Note Guarantee
will be subject to release as provided in the Indenture.

 

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

 

5.          Optional
Redemption

 

(a)          Optional
Redemption. Except as stated below, the Company may not redeem the Notes prior to November 1, 2013. The Company may redeem
the Notes, at its option, in whole at any time or in part from time to time, on and after November 1, 2013, at the following redemption
prices, expressed as percentages of the principal amount thereof, if redeemed during the twelve-month period commencing on November
1 of any year set forth below;

 

	Year	 	Percentage	 
	 	 	 	 
	2013	 	 	105.500	%
	 	 	 	 	 
	2014	 	 	102.750	%
	 	 	 	 	 
	2015 and thereafter	 	 	100.000	%

 

(b)          Make-Whole
Redemption. At any time prior to November 1, 2013, the Company may, at its option, redeem all or part of the Notes upon not
less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount
thereof, plus (ii) the Applicable Premium as of the date of redemption, plus (iii) accrued and unpaid interest and
any Additional Interest, if any, to the date of redemption.

 

    	3

    	 

    

 

“Applicable Premium”
means, with respect to a Note at any date of redemption, the greater of (i) 1.0% of the principal amount of such Note and (ii)
the excess, if any, of (A) the present value at such date of redemption of (1) the redemption price of such Note on November 1,
2013 (such redemption price being described under this Section 5) plus (2) all remaining required interest payments
due on such Note through November 1, 2013 (excluding accrued but unpaid interest to the date of redemption), computed using a discount
rate equal to the Treasury Rate plus 50 basis points, over (B) the then-Outstanding principal amount of such Note.

 

“Treasury Rate”
means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a
constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published,
any publicly available source of similar market data)) most nearly equal to the period from the redemption date to November 1,
2013; provided, however, that if the period from the redemption date to November 1, 2013 is less than one year, the
weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.

 

(c)          Optional
Redemption upon Equity Offerings. At any time, or from time to time, on or prior to November 1, 2012, the Company may, at its
option, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal
amount of the Notes issued under the Indenture at a redemption price equal to 111% of the principal amount thereof; provided
that:

 

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

 

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

 

(d)          Optional
Redemption for Changes in Withholding Taxes. The Company may at any time, at its option, redeem, in whole but not in part,
the outstanding Notes at a redemption price of 100% of the principal amount thereof plus accrued and unpaid interest to the date
of redemption if it has become or would become obligated to pay any Additional Amounts (as defined in the Indenture) or any Reimbursement
Payments (as defined in the Indenture) in respect of the Notes as a result of:

 

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

 

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

 

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

 

    	4

    	 

    

 

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

 

(e)          Optional
Redemption Procedures. In the case of any partial redemption, selection of the Notes for redemption will be made in accordance
with Article V of the Base Indenture. On and after the redemption date, interest will cease to accrue on Notes or portions
thereof called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable
redemption price pursuant to the Indenture.

 

6.          Mandatory
Repurchase Provision

 

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

 

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

 

    	5

    	 

    

 

7.          Denominations;
Transfer; Exchange

 

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

 

8.          Persons
Deemed Owners

 

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

 

9.          Unclaimed
Money

 

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

 

10.         Discharge
Prior to Redemption or Maturity

 

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

 

11.         Amendment,
Waiver

 

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

 

    	6

    	 

    

 

12.         Defaults
and Remedies

 

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

 

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

 

13.         Trustee
Dealings with the Company and the Note Guarantors

 

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

 

14.         No
Recourse Against Others

 

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

 

    	7

    	 

    

 

15.         Authentication

 

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

 

16.         Abbreviations

 

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

 

17.         CUSIP
or ISIN Numbers

 

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

 

18.         Governing
Law

 

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

 

19.         Currency
of Account, Conversion of Currency.

 

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

 

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

 

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

 

    	8

    	 

    

 

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

 

	 	c/o MDC Partners Inc.
	 	745 Fifth Avenue, 19th Floor
	 	New York, New York  10151
	 	Attention:	General Counsel
	 	Telephone:	(646) 429-1800
	 	Facsimile:	(212) 937-4365

 

    	9

    	 

    

 

SCHEDULE A

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

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

 

	Date of	 	Amount of decrease in Principal	 	Amount of increase in Principal	 	Principal Amount of this Global	 	Signature of authorized
	Exchange	 	Amount of this Global Note	 	Amount of this Global Note	 	Note following such decrease or	 	signatory of Trustee or Note
	 	 	 	 	 	 	Increase	 	Custodian

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]