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Exhibit 10.20

STAGWELL INC.
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

Non-employee directors of Stagwell Inc., a Delaware corporation (the “Company”), shall receive the compensation set forth below for their service as a member of the Board of Directors (the “Board”) of the Company. This policy supersedes all prior policies or provisions of any equity plans concerning compensation of the Company’s non-employee directors, except that any prior equity awards previously granted to a director remain valid. Unless otherwise defined herein, capitalized terms shall have the meaning as provided in the Company’s 2016 Stock Incentive Plan.

Cash Compensation

Cash Retainer for Board Service 

Each non-employee director shall receive a cash retainer in the amount of $70,000 per year (the “Board Retainer”). 

Cash Retainer for Committee Member Service

A non-employee director who serves as a member of the Audit, Human Resources and Compensation or Nominating and Corporate Governance committee of the Board (each a “Committee Member”) shall receive an additional cash retainer in the amounts as follows: (i) a member of the Audit Committee will receive a cash retainer of $10,000 per year, (ii) a member of the Human Resources and Compensation Committee will receive a cash retainer of $5,000 per year, and (iii) a member of the Nominating and Corporate Governance Committee will receive a cash retainer of $5,000 per year (each, a “Committee Member Retainer”).

Cash Retainer for Lead Independent Director

A non-employee director who serves as the Lead Independent Director of the Board shall receive an additional annual cash retainer in the amount of $75,000 per year (the “Lead Independent Director Retainer”). 

Board Committee Chair Cash Retainer

A non-employee director who serves as the chair of the Audit, Human Resources and Compensation or Nominating and Corporate Governance committee of the Board (each a “Committee Chair”) shall receive an additional cash retainer in the amounts as follows: (i) the chair of the Audit Committee will receive a cash retainer of $20,000 per year, (ii) the chair of the Human Resources and Compensation Committee will receive a cash retainer of $15,000 per year, and (iii) the chair of the Nominating and Corporate Governance 
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Exhibit 10.20

Committee will receive a cash retainer of $15,000 per year (each, a “Committee Chair Retainer”). 
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Payment of Cash Retainers

The Board Retainer, Committee Member Retainer, Lead Independent Director Retainer and Committee Chair Retainer shall be payable quarterly, in four equal payments. For the year of initial adoption of this Non-Employee Director Compensation Policy, the first payment shall be payable upon the adjournment of the meeting of the Board at which such policy is adopted. For subsequent years, the first payment shall be payable upon the adjournment of the first meeting of the Board following the Company’s Annual Meeting of Stockholders. The second, third and fourth payments shall be payable three (3), six (6) and nine (9) months after the first payment, subject to the non-employee director’s continued service to the Company as a non-employee director, Committee Member, Lead Independent Director or Committee Chair, as applicable, on such date.

Equity Compensation 

Annual Equity Award for Continuing Board Members 

Upon the adjournment of each Annual Meeting of the Company’s stockholders each continuing non-employee director shall receive a restricted stock award (an “Annual Award”) in an amount of shares of Company common stock equal to $150,000 divided by the Fair Market Value of the Company’s common stock on such date, subject to the execution of a restricted stock award agreement. Notwithstanding the foregoing provision, the Human Resources and Compensation Committee shall have discretion in making and setting the grant date of any Annual Award.

Each Annual Award for continuing Board members shall vest in full on the one year anniversary of the date of grant, subject to the non-employee director’s continued service to the Company through the vesting date.

Provisions Applicable to All Non-Employee Director Equity Compensation Grants 

All grants made pursuant to this Non-Employee Director Compensation Policy shall be subject to the terms and conditions of the Company’s 2016 Stock Incentive Plan, or any other equity compensation plan approved by the Company’s stockholders, and the terms of the restricted stock agreement issued thereunder. 

Meeting Attendance and Expense Reimbursement

Whenever practicable, non-employee directors are expected to attend regularly scheduled meetings in person. 

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All non-employee directors shall be entitled to reimbursement from the Company for their reasonable travel (including airfare and ground transportation), lodging and meal expenses incident to meetings of the Board or committees thereof or in connection with other Board related business in accordance with the Company’s corporate policies. 

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Miscellaneous

In the event of any inconsistency between the terms of this Non-Employee Director Compensation Policy and the terms of the Company’s 2016 Stock Incentive Plan under which Shares may be awarded, the terms of the 2016 Stock Incentive Plan shall govern.

In the event of any inconsistency between the terms of this Non-Employee Director Compensation Policy and the terms of any restricted stock agreement under which Shares which may be awarded, the terms of that restricted stock agreement shall govern.

This Non-Employee Director Compensation Policy may be amended, altered or terminated at the election of the Board in its absolute discretion, provided that no amendment, alteration or termination of this Non-Employee Director Compensation Policy shall have retroactive affect or impair the rights of any non-employee director under any award theretofore granted to that director.

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Exhibit 10.10.2

STAGWELL, INC.
AMENDED AND RESTATED STOCK APPRECIATION RIGHTS AGREEMENT
AMENDED AND RESTATED STOCK APPRECIATION RIGHTS AGREEMENT (the “Agreement”) by and between Stagwell Inc. (the “Company”) and Mark Penn (the “Participant”), dated as of March 11, 2022.
WITNESSETH:

WHEREAS, the Company and the Participant entered into that certain Stock Appreciation Rights Agreement, dated as of December 14, 2021 (the “Date of Grant”) (such agreement, the “Existing Agreement”); and

WHEREAS, the Company and the Participant desire to enter into this Agreement to make certain changes to and supersede the Existing Agreement.

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

1.Definitions.  Capitalized terms which are not defined herein shall have the meaning set forth in the Company’s 2016 Stock Incentive Plan (as amended, the “Plan”). The Award (as defined below) shall be considered to have not been issued under the Plan; provided however that this Agreement shall be construed in accordance with the terms of the Plan.
2.Award Terms.
(a)Number of Shares and Base Price. The Company granted to the Participant on the Date of Grant an award (the “Award”), subject to the terms and conditions set forth herein, of stock appreciation rights in respect of 1,500,000 underlying Class A Shares (the “SARs”).  The “Base Price” means $8.27.
(b)Term of Award. Unless the Award is earlier terminated pursuant to this Agreement, the term of the Award shall commence on the Date of Grant and terminate on the five (5) year anniversary of the Date of Grant (the “Termination Date”). No SARs shall be exercisable after the Termination Date.
(c)Vesting. Unless otherwise provided in this Agreement, the SARs shall vest and become exercisable in three equal installments (each consisting of stock appreciation rights of 500,000 underlying Class A Shares) on each of the first three (3) anniversaries of the Date of Grant (each such date, a “Vesting Date”), subject to the Participant’s continued employment with the Company through the applicable Vesting Date.  
3.Benefit upon Exercise.  Notwithstanding anything in Section 7(c) of the Plan to the contrary, the exercise of vested SARs with respect to any number of Class A Shares shall entitle the Participant to a cash payment, for each such share, equal to the excess of (A) the Fair Market Value of a Class A Share on the effective date of such exercise over (B) the Base Price of the SARs exercised (the aggregate of such excess amounts for all such Class A Shares, the “SAR Amount”).
4.Acceleration of Vesting. Any unvested SARs shall immediately become fully vested and exercisable upon the first to occur of the following events:
			
	

(a)the Participant’s employment with the Company is terminated either by the Company without “Cause” or by the Participant for “Good Reason” (such terms as defined in the Participant’s employment agreement); 
(b)the Participant’s employment with the Company is terminated by reason of the Participant’s death, Disability or Retirement (such terms as defined in the Participant’s employment agreement); or
(c)a Change in Control following the Date of Grant.    
5.Termination of Employment.  
(a)Unvested SARs. Except as provided in Section 4, upon termination of the Participant’s employment with the Company for any reason, any portion of the SARs then held by the Participant which is not vested and exercisable as of the effective date of such termination of employment shall be immediately cancelled and forfeited without regard to any statutory or common law notice or severance to which the Participant may be entitled.
(b)Vested SARs. Upon termination of the Participant’s employment with the Company for any reason, any SARs then held by the Participant which are vested and exercisable as of the effective date of such termination of employment shall remain exercisable for a period of three months following the effective date of termination of such employment; provided, however, that any SARs that vest pursuant to Section 4 shall remain exercisable through the Termination Date; provided, further, that no SARs may be exercised beyond the Termination Date.
6.Method, Timing of Exercise. The Participant may exercise any vested and exercisable SARs at any time where such exercise is not prohibited by applicable securities laws, until the expiration of the SARs or, if earlier, the date provided in Section 5. All or any portion of the SARs may be exercised by delivering notice to the Company’s principal office, to the attention of its General Counsel. Such notice shall specify the number of Class A Shares with respect to which the SARs are being exercised, shall be effective as of the date of receipt of the Company, and shall be signed by the Participant or other person then having the right to exercise the SARs. No portion of the SARs may be exercised with respect to less than 100 shares unless the total remaining number of shares subject to the Award is less than 100. Cash payment with respect to the exercise of SARs shall be made by the Company within 30 days following the exercise of the SARs.
7.Transferability and Assignability. The rights or interests of the Participant under this Agreement shall not be assignable or transferable, otherwise than by will or the laws governing the devolution of property in the event of death and such rights or interests shall not be encumbered.  Notwithstanding the foregoing, the Participant may transfer or assign his rights under this Agreement for estate planning purposes and without consideration to a trust or trusts for the exclusive benefit of the Participant and his family members.
8.No Right as a Stockholder. The Participant shall have no rights as a stockholder with respect to Class A Shares to which an Award relates.
9.Tax Withholding.  The Company may withhold from any amount payable to the Participant, such amount as may be necessary so as to ensure that the Company will be able to comply with applicable provisions of any federal, provincial, state or local law relating to withholding of tax or other required deductions, including on the amount, if 
			
	

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any, which must be included in the income of the Participant. The Company shall, in this connection, have the right in its discretion to satisfy any such withholding tax liability by withholding any portion of any cash amount payable to the Participant hereunder. The Company shall also have the right to withhold any cash payment payable to the Participant hereunder unless and until the Participant pays to the Company a sum sufficient to indemnify the Company for any liability to withhold tax in respect of the amounts included in the income of the Participant as a result of the settlement of the SARs, to the extent that such tax is not otherwise being withheld from payments to the Participant by the Company. 
10.No Right to Employment, Service or Office.  No person shall have any claim or right to receive grants or Awards under this Agreement. Neither the grant of the Award, nor any action taken or omitted to be taken under this Agreement shall be deemed to create or confer on any employee, officer, director or service provider any right to be retained in the employ or service of the Company or any subsidiary or other affiliate thereof, or to interfere with or to limit in any way the right of the Company or any subsidiary or other affiliate thereof to terminate the employment, office or service of such employee, officer, director or service provider at any time. 
11.Notices. All notices and other communications under this Agreement shall be in writing (including PDF) and shall be given by hand delivery to the other party, by email or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to the Participant:
        Mr. Mark Penn
        Address as on file with the Company
    
If to the Company:
Stagwell Inc.
One World Trade Center, Floor 65
New York, NY 10007
Attn: General Counsel
notice@stagwellglobal.com
Either party may furnish to the other in writing a substitute address and email for delivery of notice in accordance with this section. Notices and communications shall be effective when actually received by the addressee.
12.Adjustment of and Changes in Shares. In the event that the Committee shall determine that any amalgamation, arrangement, merger, consolidation, recapitalization, reclassification, stock dividend, distribution of property, special cash dividend, or other change in corporate structure has affected the Class A Shares such that an adjustment is appropriate in order to prevent dilution or enlargement of the Participant’s rights under this Agreement, the Committee shall make such adjustments, if any, as it deems appropriate in the number and class of shares subject to, and the Base Price of, the Award. The foregoing adjustments shall be determined by the Committee in its reasonable discretion.
13.Administration.  The Committee shall have the authority to adopt such rules as it may deem appropriate to carry out the purposes of this Agreement, and shall have the authority to interpret and construe the provisions of this Agreement and to make 
			
	

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determinations pursuant to any provision of this Agreement.  Each interpretation, determination or other action made or taken by the Committee pursuant to this Agreement shall be final and binding on all persons.  No member of the Committee shall be liable for any action or determination made in good faith, and the members of the Committee shall be entitled to indemnification and reimbursement in the manner provided in the Company’s articles and by-laws, as the same may be amended from time to time.  The Committee may designate persons other than its members to carry out its responsibilities under such conditions or limitations as it may set, as permitted by this Agreement.
14.Amendment and Termination.  The Committee may at any time and from time to time alter, amend, suspend or terminate this Agreement in whole or in part, subject to receipt of all necessary approvals.  Notwithstanding the foregoing, termination or amendment of this Agreement in a manner that may adversely affect the rights of the Participant under this Agreement shall require (i) a majority vote of the Committee and (ii) consent of the Participant.
15.Entire Agreement. This Agreement represents the entire agreement between the Company and the Participant with respect to the Award and may not be contradicted by evidence of any prior or contemporaneous agreement (including the Existing Agreement). 
16.Governing Law. This Agreement shall be governed by and construed according to the laws of the State of New York and the federal laws of the United States applicable herein.
17.Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original, and said counterparts shall constitute but one and the same instrument.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year set forth first above.

STAGWELL, INC.

By: /s/ Peter McElligott
Name:  Peter McElligott        
Title:      General Counsel 

STAGWELL, INC.

By: /s/ Frank Lanuto
Name:  Frank Lanuto
Title:      Chief Financial Officer

/s/ Mark Penn
Mark Penn

[Signature Page to Amended and Restated Stock Appreciation Rights Agreement]

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