Document:

Exhibit 10.2.2

    

    

    AMENDED
AND RESTATED

    LIMITED
LIABILITY COMPANY AGREEMENT

    OF

    TEAM
HOLDINGS LLC

    

    THIS AMENDED AND RESTATED OPERATING
AGREEMENT (this “Agreement”) dated as of March
1, 2010, is made and entered into by and among TEAM HOLDINGS LLC, a Delaware
limited liability company (the “Company”), MDC ACQUISITION INC., a
Delaware corporation (“MDC
Holdco”), and WWG, LLC,
a Florida limited liability company (“WWG”), WWG2, LLC, a Florida limited
liability company ("WWG2", together with MDC
Holdco and WWG are collectively referred to as the “Members” and individually a
“Member”).   Capitalized
terms used herein and not otherwise defined shall have the meanings ascribed to
such terms in Article XIII.

    

    WHEREAS, WWG was (x) the sole
shareholder of TEAM Enterprises, Inc. a Massachusetts corporation ("TEAM") and (y) the sole member
of (A) OuterActive, LLC, a Delaware limited liability company ("O-A") and (B) Pulse Marketing,
LLC, a Delaware limited liability company ("Pulse");

    

    WHEREAS, WWG formed NEW TEAM LLC, a Delaware
limited liability company ("NT"), as its sole
member;

    

    WHEREAS, WWG caused TEAM to
contribute substantially all of its assets, subject to certain disclosed
liabilities, and its ongoing business, to NT pursuant to a Contribution
Agreement (General Assignment, Bill of Sale and Assumption Agreement) (the
"NT Conveyance
Document");

    

    WHEREAS, WWG and WWG2, LLC
formed (the "Formation")
the Company, with WWG owning 99% of the issued and outstanding membership
interests in the Company and WWG2 owning 1% of the issued and outstanding
membership interests in the Company (the membership interests of the Company
collectively referred to as the "Membership
Interests");

    

    WHEREAS, simultaneously with
the Formation, WWG and WWG2 executed and delivered a Limited Liability Company
Agreement of the Company (the "Original Operating
Agreement"), pursuant to which WWG transferred 100% of its equity
ownership in (x) NT, (y) O-A and (z) Pulse to the Company, such that following
such transfer, the Company was the sole member of each of NT, O-A and
Pulse;

    

    WHEREAS, WWG desired to sell
60% of the Membership Interests in the Company to MDC Holdco and, in connection
therewith, to redesignate the Membership Interests as Class A Units, Class B
Units and Class C Units;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    WHEREAS, pursuant to the
Membership Unit Purchase Agreement of even date herewith (the “Purchase Agreement”), WWG
sold, transferred, conveyed and delivered to MDC Holdco a 60% membership
interest in the Company represented by 600 Class A Units,  such that
immediately after giving effect to such transfer, the issued and outstanding
Units of the Company were to be as follows:  MDC Holdco – 600 Class A
Units; WWG – 310 Class B Units and 80 Class C Units, WWG2 – 10 Class B Units in
accordance with the terms of this Agreement;

    

    WHEREAS, the Company wishes to
create profits interests to be available for grant to certain Participants
pursuant to that certain Restricted Unit Plan effective as of March 1, 2010 (the
“Profits Interest
Plan”);

    

    WHEREAS, the Members now
desire to enter into this Agreement to supersede the Original Operating
Agreement, as amended, to designate the existing Membership Interests as Class A
Units, Class B Units and Class C Units, to provide for the admission of MDC
Holdco as a member, to create Class D Units for use under the Profits Interest
Plan and to promote their interests and those of the Company by making
provisions in this Agreement to govern their relations as Members;

    

    NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth in this
Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Members and the other parties
hereto do hereby agree as follows:

    

    ARTICLE
I

    FORMATION
OF LIMITED LIABILITY COMPANY

    

    Section
1.1            
Formation.  The
Company was formed as a limited liability company under the laws of the State of
Delaware by the filing with the Secretary of State of Delaware of the
Certificate of Formation (as may be amended from time to time, the "Certificate").

    

    Section
1.2          
  Purpose.  The
Company may engage in any lawful business of every kind and character for which
a limited liability company may be organized under the Delaware Limited
Liability Company Act (as amended from time to time, the "Act") or any successor
statute.  The Company shall have all of the powers provided for a
limited liability company under the Act.

    

    Section
1.3           
 Offices;
Registered Agent.  The principal place of business of the
Company shall be 110 East Broward Boulevard, Suite 2450, Fort Lauderdale,
Florida 33301 or such other principal place of business as the Managers (as
defined in Section 11.5) may from time to time determine.  The Company
may have, in addition to such office, such other offices and places of business
at such locations, both within and without the State of Delaware, as the
Managers may from time to time determine or the business and affairs of the
Company may require.  The registered agent of the Company in the State
of Delaware shall be the initial registered agent named in the Certificate or
such other Person (as defined in Section 13.1) as the Managers may designate
from time to time in the manner provided by law.

    
      
         

      

      
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    Section
1.4         
   Filings
and Foreign Qualification.  Upon the request of the Managers,
the Members shall promptly execute and deliver all such certificates and other
instruments conforming hereto as shall be necessary for the Managers to
accomplish all filing, recording, publishing and other acts appropriate to
comply with all requirements for the formation and operation of a limited
liability company under the laws of the State of Delaware and for the
qualification and operation of a limited liability company in all other
jurisdictions where the Company shall propose to conduct business.

    

    Section
1.5            
 Term.  The
Company commenced on the date the Company initially filed its Certificate with
the Secretary of State of Delaware and shall continue in existence, unless
sooner terminated in accordance with the provisions of this
Agreement.

    

    ARTICLE
II

    MEMBERS;
MEMBERSHIP INTERESTS; UNITS

    

    Section
2.1             Members
and Membership Units.  The Company is authorized to issue 600
Class A Units, 320 Class B Units, 80 Class C Units and 80 Class D Units, all of
which have been or are hereby issued and are outstanding, or are reserved for
future issuance under the Profits Interest Plan, and allocated among the Members
as set forth on Schedule
2.1.  Upon any change in the Members or Units, including by
reason of the issuance of additional Units, the Members agree to complete a
revised Schedule 2.1
hereof, which shall be deemed incorporated into this Agreement as part of this
Section 2.1.

    

    Section
2.2            
Classes
of Units.

    

    (a)           Class A
Units.  The Class A Units shall have the following
characteristics: (i) an initial Unit Capital Account (as defined in Section
7.2(e) hereof), (ii) entitlement to a share of Profits and Losses as set forth
in Section 3.3, (iii) entitlement to distributions as provided in Sections 3.4
and 9.2, and (iv) voting rights equal to one (1) vote per Unit.

    

    (b)           Class B Units. The
Class B Units shall have the following characteristics: (i) an initial Unit
Capital Account, (ii) provisions relating to transfer as provided in Article X
hereof, (iii) entitlement to a share of Profits and Losses as set forth in
Section 3.3, (iv) entitlement to distributions as provided in Sections 3.4 and
9.2, and (v) voting rights equal to one (1) vote per Unit.

    

    (c)           Class C Units. The
Class C Units shall have the following characteristics: (i) an initial Unit
Capital Account, (ii) provisions relating to transfer as provided in Article X
hereof, (iii) entitlement to a share of Profits and Losses as set forth in
Section 3.3, (iv) entitlement to distributions as provided in Sections 3.4 and
9.2, and (v) voting rights equal to one (1) vote per Unit.

     

    
      
        
        

      

      
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    (d)           Class D
Units.  The Class D Units shall have the following
characteristics: (i) an initial Unit Capital Account of $0, (ii) provisions
relating to transfer as provided in Article X hereof, (iii) an entitlement to a
share of Profits and Losses as set forth in Section 3.3, (iv) an entitlement to
distributions as provided in Sections 3.4 and 9.2, and (v) no voting
rights.  All Class D Units are intended to be “profits interests”
within the meaning of Revenue Procedures 93-27 and 2001-43.  In
accordance with Revenue Procedure 2001-43, the Company shall treat any such
Member issued a Class D Unit as the owner of such Unit, and shall file its IRS
Form 1065, and issue appropriate Schedule K-1s to such Member, allocating to
such Member its distributive share of all items of income, gain, loss, deduction
and credit associated with such Class D Unit. Each such Member agrees to take
into account such distributive share in computing its federal, state and local
income or franchise tax liability for the entire period during which it holds
the Class D Unit issued on the date hereof.  The Company and each
Member agree not to claim a deduction (as wages, compensation or otherwise) for
the fair market value of such Class D Unit.   The undertakings
contained in this Section 2.2(d) shall be construed in accordance with Section 4
of Revenue Procedure 2001-43.  Notwithstanding any other provision of
this Agreement the Managers shall have the right to amend, and the Members shall
take all actions necessary to cause the Managers to amend, this Agreement, in
anticipation of or following the issuance of final Treasury Regulations, as
determined by the Managers in good faith, to provide for (i) the election of a
safe harbor under Treasury Regulation Section 1.83-3(l) (or any similar
provision) under which the fair market value of a Class D Units that is
transferred in connection with the performance of services is treated as being
equal to the liquidation value of that interest, (ii) an agreement by the
Company and all of its Members to comply with the requirements set forth in such
Regulations and Internal Revenue Service Notice 2005-43 (and any other guidance
provided by the Internal Revenue Service with respect to such election) with
respect to all Units transferred in connection with the performance of services
while the election remains effective, and (iii) any other amendments reasonably
related thereto or reasonably required in connection therewith. In executing
this Agreement, the Members authorize the Company to utilize the same valuation
methodology provided for in Proposed Treasury Regulations Section 1.83-3(l) in
determining the fair market value of any Class D Units issued prior to the
effective date of such Treasury Regulation.

    

    Section
2.3             Transfer
of Units.  In the event a Member sells all or a portion of its
Membership Interests in accordance with Article X hereof, then effective as of
the date of the sale and subject to compliance with Section 10.1 hereof, such
Member shall automatically cease to be a Member in the Company as to such sold
Unit.  Upon the acquisition by MDC Holdco of any other Units pursuant
to the procedures set forth in Article X hereof or the Profits Interests Plan,
MDC Holdco shall have all of the rights, powers and duties associated with such
Units.

    

    Section
2.4             Additional
Members and Membership Interests.  Additional Persons may be
admitted to the Company as Members and Membership Interests may be created and
issued to such Persons on such terms and conditions as the Members shall
approve, subject to Section 4.1 hereof.  The terms of admission or
issuance may specify the creation of different classes or groups of Members
having different rights, powers and duties.  The creation of any new
class or group of Members shall be indicated in an amendment to this Agreement
in accordance with Section 14.4 hereof and such amendment shall indicate the
different rights, powers and duties of the classes or groups of
Members.  No Member shall be admitted unless such Person shall agree
to be bound by the terms of this Agreement, as such agreement may be
amended.

     

    
      
        
        

      

      
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    Section
2.5             Liability
of Member.  Except as expressly provided under the Act, no
Member shall be liable for the debts, liabilities, contracts or other
obligations of the Company, and no Member shall be required to make any loans to
the Company.  Subject to the limitations and conditions provided for
in Article XI hereof and the Act, the Company shall indemnify and hold harmless
a Member in the event a Member becomes liable, notwithstanding the preceding
sentence, for any debt, liability, contract or other obligation of the Company
except to the extent expressly provided in the preceding sentence.

    

    Section
2.6             Limitations
on Members.  Other than as specifically provided for in this
Agreement, the Purchase Agreement, an Employment Agreement entered into pursuant
to the Purchase Agreement, or the Act, no Member shall: (a) be permitted to take
part in the business or control of the business or affairs of the Company; (b)
have any voice in the management or operation of any Company property; or (c)
have the authority or power to act as agent for or on behalf of the Company or
any other Member, to do any act which would be binding on the Company or any
other Member, or to incur any expenditures, debts, liabilities or obligations on
behalf of or with respect to the Company.

    

    Section
2.7             Certification
of Units. The Company may at its election issue certificates to the
Members representing the Units held by such Member. If such election is approved
by the Managers, then this Section 2.7 shall apply and not
otherwise:

    

    (a)             Certificates
attesting to the ownership of Units in the Company shall be in such form as
shall be approved by the Managers and shall state that the Company is a limited
liability company formed under the laws of the State of Delaware, the name of
the Member to whom such certificate is issued and that the certificate
represents limited liability company interests within the meaning of the
Act.  Each such certificate shall be signed by such officers of the
Company as are approved by the Managers.

    (b)             The
transfer register or transfer book and blank certificates shall be kept by the
secretary of the Company or by any transfer agent or registrar approved by the
Managers for that purpose. The certificates shall be numbered and registered in
the share or unit register or transfer books of the Company as they are issued.
Except to the extent that the Company shall have received written notice of an
assignment of any Unit in the Company, the Company shall be entitled to treat
the Person in whose name any certificates issued by the Company stand on the
books of the Company as the absolute owner thereof, and shall not be bound to
recognize any equitable or other claim to, or interest in, such Unit on the part
of any other Person.

    

    (c)             Subject
to all provisions herein relating to transfers of Units, if the Company shall
issue certificates in accordance with the provisions of this Section 2.7,
transfers of Units shall be made on the register or transfer books of the
Company upon surrender of the certificate therefor, endorsed by the Person named
in the certificate or by an attorney lawfully constituted in
writing.

     

    
      
        
        

      

      
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    (d)             The
holder of any certificates issued by the Company shall immediately notify the
Company of any loss, destruction or mutilation of such certificates, and the
Managers may cause a new certificate or certificates to be issued to such
holder, in case of mutilation of the certificate, upon the surrender of the
mutilated certificate or, in case of loss or destruction of the certificate,
upon satisfactory proof of such loss or destruction and, if the Managers shall
so determine, the granting of an indemnity as is approved by the
Managers.

    

    ARTICLE
III

    CAPITAL
CONTRIBUTIONS; ALLOCATIONS AND DISTRIBUTIONS

    

    Section
3.1           Capital
Account.

    

    The Capital Accounts of the Members
shall be computed in accordance with Section 7.2 below.

    

    Section
3.2           Withdrawal
and Return of Capital Contribution.  No Member shall have the
right to receive or withdraw its Capital Contribution except to the extent, if
any, that any distribution made pursuant to the express terms of this Agreement
may be considered as such by law or as expressly provided for in this
Agreement.

    

    Section
3.3           Allocation
of Profits and Losses.

    

    (a)           Except
as otherwise provided in this Section 3.3, all Profits and Losses of the Company
(as such terms are defined in Section 13.1 hereof) for any calendar year shall
be allocated and charged to the Members for income tax purposes (including
without limitation the capital account maintenance regulations under Section
704(b) of the Code) as follows:

    

    (i)           Profits
shall be allocated as follows:

    

    
      	
               
      

            	
              (A)

            	
              First,
      to those Members to whom GAAP PBT (as such term is defined in Section
      13.1) for such calendar year and each prior calendar year since the
      Effective Time has been allocated under Section 3.5 or Section 3.6(b)
      until the
      excess of the allocation to each such Member of Profits under this Section
      3.3(a)(i) over any allocation to each such Member of Losses under Section
      3.3(a)(ii) for such calendar years equals the amount of GAAP PBT so
      allocated to each such Member during such calendar years;
    and

            

    

    

    
      	
               
      

            	
              (B)

            	
              Thereafter,
      to the Members holding Class A Units, Class B Units and Class C Units in
      accordance with the number of such Units held by
  them.

            

    

    

    (ii)           Losses
shall be allocated as follows:

     

    
      
        
        

      

      
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              (A)

            	
              First,
      to the extent of any excess of Profits allocated under Section
      3.3(a)(i)(B) over Losses allocated under this Section 3.3(a)(ii)(A), 100%
      to the Members in the proportion in which such excess was
      allocated;

            

    

    

    
      	
               
      

            	
              (B)

            	
              Second,
      to the extent of any excess of Profits allocated under Section
      3.3(a)(i)(A) over Losses allocated under this Section 3.3(a)(ii)(B), 100%
      to the Members in the proportion in which such excess was
      allocated;

            

    

    

    
      	
               
      

            	
              (C)

            	
              Third,
      to the Members holding Class A Units, Class B Units and Class C Units in
      accordance with the number of such Units held by
  them.

            

    

    

    (b)             In
the case of any property contributed to the Company by any Member which at the
time of contribution has an adjusted tax basis which differs from its fair
market value, items of Profits, Losses, income, gain and deduction for income
tax purposes shall be allocated as required under Section 704(c) of the Code to
take into account such difference.   The parties agree that such
allocations will be made following the traditional method with remedial
allocations.

    

    (c)             Notwithstanding
anything to the contrary in this Agreement, all items of income attributable to
any:  (A) change in method of accounting for a taxable period ending
on or prior to the Closing Date or a change in method required on account of the
transactions contemplated to occur on the Closing Date, whether under Section
481 or otherwise; (B) "closing agreement" as described in Code Section 7121 (or
any corresponding or similar provision of state, local, or foreign income tax
law); and (C) installment sale or open transaction disposition made on or prior
to the Closing Date, shall be allocated 100% to WWG in accordance with its
interest.  The parties agree that if the allocation provided for in
the preceding sentence cannot be done, the Managers shall cause the Company to
allocate items of income, gain, deduction, and loss among the Members to achieve
substantially the same results as if such allocation had been
done.  In addition, an amount of income equal to any income triggered
to MDC Holdco and/or the Company on account of any deemed assumption by either
or both of them of any deferred revenue of WWG as of the Closing Date shall be
allocated 100% to WWG in accordance with its interest.

    

    (d)             Any
item of taxable income, gain, loss or deduction of the Company (as well as any
credits or the basis of property to which such credits apply) as determined for
federal income tax purposes shall be allocated in the same manner as the
corresponding income, gain, loss, or deduction is allocated under Section 3.3(a)
(as modified by Section 3(e)).  Allocations pursuant to this Section
3.3(d) are solely for purposes of federal, state, and local taxes and shall not
affect, or in any way be taken into account in computing, any Member’s Capital
Account or share of Profits, Losses, other items, or distributions pursuant to
any provision of this Agreement.

     

    
      
        
        

      

      
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    (e)             Special Allocations and
Limitations

    

    (1)           In
the event a Member unexpectedly receives in any taxable year any adjustments,
allocations, or distributions described in Treasury Regulation Section
1.704-1(b)(2)(ii)(d)(4), (5), or (6) which cause or increase an Adjusted Capital
Account Deficit (as defined in Section 13.1) of such Member, items of Company
income and gain shall be specially allocated to such Member in such taxable year
(and, if necessary in subsequent taxable years), in an amount and manner
sufficient to eliminate, to the extent required by the Treasury Regulations, the
Adjusted Capital Account Deficit of such Member as quickly as
possible.

    

    (2)           Notwithstanding
the provisions of Section 3.3(a), in no event shall Losses of the Company be
allocated to a Member if such allocation would result in such Member’s having an
Adjusted Capital Account Deficit at the end of any taxable year.  All
Losses in excess of the limitation set forth in this Section 3.3(e)(2) shall be
allocated to the Members with positive balances in their Capital Accounts, as a
class pro rata in proportion to such positive balances.

    

    (3)           The
allocations set forth in Sections 3.3(e)(1) and (2) and Sections 3.3.(f)(1) and
(2) (collectively, the "Regulatory Allocations") are
intended to comply with certain requirements of Treasury Regulations promulgated
under Section 704 of the Code.  The Regulatory Allocations shall be
taken into account in allocating other Profits, Losses, and items of income,
gain, loss, and deduction to each Member so that, to the extent possible, and to
the extent permitted by Treasury Regulations, the net amount of such allocations
of other Profits, Losses, and other items and the Regulatory Allocations to each
Member shall be equal to the net amount that would have been allocated to each
Member if the Regulatory Allocations had not been made.

    

    (4)           The
respective interests of the Members in the Profits, Losses, or items thereof
shall remain as set forth above unless changed by amendment to this Agreement or
by an assignment of a Unit authorized by the terms of this
Agreement.  Except as otherwise provided herein, for tax purposes, all
items of income, gain, loss, deduction, or credit shall be allocated to the
Members in the same manner as are Profits and Losses; provided, however, that
with respect to property contributed to the Company by a Member, such items
shall be shared among the Members so as to take into account the variation
between the basis of such property and its fair market value at the time of
contribution in accordance with Section 704(c) of the Code.

    

    (5)           The
Capital Accounts of all Members shall be adjusted pursuant to the rules of
Treasury Regulation Section 1.704-1(b)(2)(iv)(f) upon the circumstances set
forth in Treasury Regulation Section
1.704-1(b)(2)(iv)(f)(5).  Corresponding adjustments shall be made as
provided for under Treasury Regulation 1.704-1(b)(2), including Section
1.704-1(b)(2)(iv)(g).

    

    (f)           Other Special
Allocations.  The following special allocations shall be made
in the following order:

     

    
      
        
        

      

      
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    (1)           Except
as otherwise provided in Section 1.704-2(f) of the Treasury Regulations,
notwithstanding any other provision of this Section 3, if there is a net
decrease in Company Minimum Gain (as defined in Section 13.1) during any fiscal
year, each Member shall be specially allocated items of Company income and gain
for such fiscal year (and, if necessary, subsequent fiscal years) in an amount
equal to such Member’s share of the net decrease in Company Minimum Gain,
determined in accordance with Section 1.704-2(g) of the Treasury
Regulations.  Allocations pursuant to the previous sentence shall be
made in proportion to the respective amounts required to be allocated to each
Member pursuant thereto.  The items to be so allocated shall be
determined in accordance with Sections 1.704-2(f)(6) and 1.704-2(j)(2) of the
Treasury Regulations.  This Section 3.3(e)(1) is intended to comply
with the minimum gain chargeback requirement in Section 1.704-2(f) of the
Treasury Regulations and shall be interpreted consistently
therewith.

    

    (2)           Except
as otherwise provided in Section 1.704-2(i)(4) of the Treasury Regulations,
notwithstanding any other provision of this Section 3, if there is a net
decrease in Member Nonrecourse Debt Minimum Gain (as defined in Section 13.1)
attributable to a Member Nonrecourse Debt (as defined in Section 13.1) during
any fiscal year, each Member who has a share of the Member Nonrecourse Debt
Minimum Gain attributable to such Member Nonrecourse Debt, determined in
accordance with Section 1.704-2(i)(5) of the Treasury Regulations, shall be
specially allocated items of Company income and gain for such fiscal year (and,
if necessary, subsequent fiscal years) in an amount equal to such Member’s share
of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such
Member Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(4) of
the Treasury Regulations.  Allocations pursuant to the previous
sentence shall be made in proportion to the respective amounts required to be
allocated to each Member pursuant thereto.  The items to be so
allocated shall be determined in accordance with Sections 1.704-2(i)(4) and
1.704-2(j)(2) of the Treasury Regulations.  This Section 3.3(e)(2) is
intended to comply with the minimum gain chargeback requirement in Section
1.704-2(i)(4) of the Treasury Regulations and shall be interpreted consistently
therewith.

    

    (3)           Nonrecourse
Deductions (as defined in Section 13.1) for any fiscal year shall be specially
allocated among the Members in proportion to their Units.

    

    (4)           Any
Member Nonrecourse Deductions (as defined in Section 13.1) for any fiscal year
shall be specially allocated to the Member who bears the economic risk of loss
with respect to the Member Nonrecourse Debt to which such Member Nonrecourse
Deductions are attributable in accordance with Section 1.704-2(i)(1) of the
Treasury Regulations.

    

    (5)           Solely
for purposes of determining a Member’s proportionate share of the "excess
nonrecourse liabilities" of the Company within the meaning of Section
1.752-3(a)(3) of the Treasury Regulations, the Members’ interests in Company
profits are in proportion to their Units, and, for purposes of allocating
Nonrecourse Liabilities (as defined in Section 13.1) of the Company among the
Members pursuant to Treasury Regulation Section 1.752-3(a)(3), the parties agree
that each Member’s interest in Company profits shall equal its
Units.

    

    (6)           To
the extent permitted by Section 1.704-2(h)(3) of the Treasury Regulations, the
Members shall endeavor to treat distributions of funds as having been made from
the proceeds of a Nonrecourse Liability (as defined in Section 13.1) or a Member
Nonrecourse Debt (as defined in Section 13.1) only to the extent that such
distributions would cause or increase an Adjusted Capital Account Deficit for
any Member.

     

    
      
        
        

      

      
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    (7)           For
purposes of determining the character (as ordinary income or capital gain) of
any Profits allocated to the Members pursuant to this Section 3, such portion of
Profits that is treated as ordinary income attributable to the recapture of
depreciation shall, to the extent possible, be allocated among the Members in
the proportion which (i) the amount of depreciation previously allocated to each
Member bears to (ii) the total of such depreciation allocated to all
Members.  This Section 3.3(f)(7) shall not alter the amount of
allocations among the Members pursuant to this Section 3, but merely the
character of income so allocated.

    

    (g)           The
Members are aware of the income tax consequences of the allocations described,
and hereby agree to be bound by the provisions of this Section 3.3 in reporting
their respective shares of Company income and loss for income tax
purposes.

    

    (h)           It
is the intention of the Company and its Members that the Company be taxed as a
partnership for all purposes of the Code and similar income tax
laws.

    

    (i)           All
matters concerning the valuation of securities, the allocation of profits, gains
and losses among the Members, including the taxes on those profits, gains and
losses, and accounting procedures, not specifically and expressly provided for
by the terms of this Agreement, shall be determined in good faith by the
Managers with regard to their fiduciary duty to the Members, whose determination
shall be final, binding and conclusive upon all of the Members.

    

    Section
3.4           
Distributions.

    

    (a)           Subject
to the making of the Tax Distributions (as defined in clause (b) below), to the extent permitted by the
Act, the Company shall distribute Cash Flow (as defined in Section 13.1) of the
Company as follows:

    

    
      	
               
      

            	
              (i)

            	
              first,
      distributions of Cash Flow generated by the Company in respect of any
      calendar year, shall be distributed 100% to the holders of the Class A
      Units in an amount equal to the sum of (a) the allocation to such holders
      of GAAP PBT under Section 3.5(a) for such calendar year plus (b) the Class
      A Distribution Shortfall Amount (as defined in Section 13.1) for such
      year;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              thereafter,
      distributions of Cash Flow generated by the Company in respect of any
      calendar year shall be distributed to the holders of the Class B Units,
      Class C Units and Class D Units in an amount no greater than the sum of
      (a) the allocation to such holders of GAAP PBT under Section 3.5(a) for
      such calendar year plus (b) the sum of the Class B Distribution Shortfall
      Amount, Class C Distribution Shortfall Amount and Class D Shortfall Amount
      (each as defined in Section 13.1) for such year, distributed to the
      holders in the proportion and the amounts in which such sum was
      attributable to such holders.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Distributions
described above shall be made on an annual basis, generally in arrears, based
upon the financial statements of the Company and its subsidiaries then available
to the Managers.

    

    (b)           Notwithstanding
anything in this Agreement to the contrary, in preference to any other
distributions pursuant to this Section 3.4, the Members shall cause the Company
to distribute cash of the Company to its Members on a quarterly (or other
reasonable) basis at least sufficient for each Member to meet such Member’s
required federal, state and local income tax payments in respect of such
Member’s distributive share of the Company’s taxable income for the current or
the prior fiscal year calculated at the maximum individual tax rates for a
resident of Florida taking into account the deduction allowable for federal
income taxes of any state income taxes (which tax payments shall include (i)
estimated tax payments in respect of the current fiscal year and (ii) any
remaining payments of income tax on account of the prior fiscal year not funded
out of Tax Distributions in respect of estimated payments for such prior fiscal
year) (the "Tax Distributions").  For
purposes hereof, if a Member is a "pass-through" entity for income tax purposes,
the Tax Distributions required hereby shall be made in amounts which are at
least sufficient to meet the tax payment requirements of the stockholders or
members of such Member in respect of their allocated Profits hereunder. For
purposes of Section 3.4(a) hereof, Tax Distributions shall be deemed to be
distributions of Cash Flow at the time of such Tax Distribution.

    

    (c)           Any
distribution of funds prior to the end of the fiscal year in which such funds
came into possession of the Company shall be treated as a non-interest-bearing
loan (a "draw") from the
Company to each Member receiving such draw and shall be deemed repaid by
reducing the amount of each subsequent distribution to the Member receiving such
draw pursuant to this Section 3.4(c) by the lesser of (i) the entire amount
otherwise distributable to the Member receiving such draw, and (ii) the entire
amount of any unrepaid draws pursuant to this Section 3.4(c).

    

    (d)           All
amounts withheld pursuant to the Code and Tax Regulations or any provision of
any state or local tax law with respect to any payment, distribution, or
allocation to the Company or the Members shall be treated as amounts distributed
to the Members pursuant to this Section 3.4 for all purposes under this
Agreement.  The Managers are authorized to withhold from
distributions, or with respect to allocations, to the Members and to pay over to
any Federal, state, or local government any amounts required to be so withheld
pursuant to the Code and Tax Regulations or any provisions of any other Federal,
state, or local law, and shall allocate any such amounts to the Members with
respect to which such amount was withheld.  Notwithstanding any other
provision in this Agreement, prior to the making any such distribution, the
Managers in their sole discretion may require the delivery to the Managers from
each or any potential distributee such evidence as the Managers may reasonably
request evidencing the absence of any third-party claims with respect to such
potential distribution.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Section
3.5           Allocation
of GAAP PBT.

    

    (a)           Subject
to Section 3.6(b) below, GAAP PBT (as defined in Section 13.1) for purposes of
this Agreement shall be allocated for any calendar year as follows:

    

    
      	
               
      

            	
              (i)

            	
              first,
      GAAP PBT shall be allocated to the Loss Account (as defined in Section
      3.5(b) below) until such Loss Account shall have been brought to
      zero;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              next,
      GAAP PBT generated by the Company in calendar years 2010-2012 shall be
      allocated 100% to the holders of the Class A
  Units;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              next,
      subject to Section 3.5(c) below, GAAP PBT generated by the Company in
      calendar years 2013 and 2014 shall be allocated 100% to the holders of
      Class A Units; provided, however, no more than the following shall be
      allocated to the holders of Class A Units under this Section 3.5(a)(iii)
      in respect of each of the calendar years set forth
  below:

            

    

    

    
      
        
          
            
              
                
                  
                    
                      	
                              Year

                            	 	
                              Amount

                            
	
                              2013

                            	 	
                              the
      sum of (a) the Annual Hurdle plus (b) the Class A 2013 Shortfall Amount
      (such sum, the “2013
      Class A Priority Allocation”)

                            
	 	 	 
	
                              2014

                            	 	
                              the
      sum of (a) the Annual Hurdle plus (b) the Class A 2014 Shortfall Amount
      (such sum, the “2014
      Class A Priority
Allocation”)

                            

                    

                  

                

              

            

          

        

      

    

    
      	
               
      

            	
              (iv)

            	
              next,
      subject to Section 3.5(c) below, with respect to calendar years 2013 and
      2014 only, after satisfaction of the allocations in Section 3.5(a)(iii)
      with respect to such year, GAAP PBT generated by the Company in such years
      shall be allocated 100% to the holders of Class B Units, Class C Units and
      Class D Units; provided, however, no more than the following shall be
      allocated to such holders under this Section 3.5(a)(iv) in respect of such
      calendar years as set forth below:

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    	
                            Year

                          	 	
                            Amount

                          
	
                            2013

                          	 	
                            the
      result of (x) the 2013 Class A Priority Allocation, multiplied by (y) 40%,
      divided by (z) 60%, such amount being allocated as follows:

                             

                            (A)     first,
      an amount equal to 8.0% of the amount of GAAP PBT in excess of Base PBT
      shall first be allocated to holders of Class D Units (other than MDC
      Holdco) pro rata in accordance with the number of Class D Units held by
      such holder out of the total number of Class D Units authorized, with any
      amount attributable to unissued or cancelled units or Class D Units held
      by MDC Holdco being allocated to the holders of Class C Units pro rata in
      accordance with the number of Class C Units held by them;

                             

                            (B)     next,
      the remainder shall be allocated pro rata among the holders of Class B
      Units and Class C Units in accordance with the total number of Class B and
      Class Units held by them until the Class C Units shall have been allocated
      an amount of GAAP PBT for 2013 under this clause (B) equal to 8.0% of Base
      PBT; and

                             

                            (C)     thereafter,
      any remainder shall be allocated 100% to the holders of Class B Units in
      accordance with the number of Class B Units held by them.

                             

                          
	
                            2014

                          	 	
                            the
      result of (x) the 2014 Class A Priority Allocation, multiplied by (y) 40%,
      divided by (z) 60%, such amount being allocated as follows:

                             

                            (A)     first,
      an amount equal to 8.0% of the amount of GAAP PBT in excess of Base PBT
      shall first be allocated to holders of Class D Units (other than MDC
      Holdco) pro rata in accordance with the number of Class D Units held by
      such holder out of the total number of Class D Units authorized, with any
      amount attributable to unissued or cancelled units or Class D Units held
      by MDC Holdco being allocated to the holders of Class C Units pro rata in
      accordance with the number of Class C Units held by them;

                             

                            (B)     next,
      the remainder shall be allocated pro rata among the holders of Class B
      Units and Class C Units in accordance with the total number of Class B and
      Class Units held by them until the Class C Units shall have been allocated
      an amount of GAAP PBT for 2014 under this clause (B) equal to 8.0% of Base
      PBT; and

                             

                            (C)     thereafter,
      any remainder shall be allocated 100% to the holders of Class B Units in
      accordance with the number of Class B Units held by
  them.

                          

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (v)

            	
              thereafter,
      subject to Section 3.5(c) below, with respect to calendar years 2013 and
      2014 only, after satisfaction of the allocations in Sections 3.5(a)(iii)
      and 3.5(a)(iv) with respect to such year, GAAP PBT generated by the
      Company shall be allocated as
follows:

            

    

    

    (A)           32.0%
of such additional amount shall be allocated to the holders of Class B Units,
pro rata in accordance with the number of Class B Units held by
them,

    (B)           
8.0% of such amount shall be allocated to the holders of Class D Units (other
than MDC Holdco), pro rata in accordance with the number of Class D Units held
by such holder out of the total number of Class D Units authorized (with any
unallocated amount resulting from unissued or cancelled Class D Units or Class D
Units held by MDC Holdco being reallocated to the holders of Class C Units pro
rata in accordance with the number of Class C Units held by them);
and

    

    (C)           the
remainder of the amount to be allocated under this Section 3.5(a)(v) to the
holders of Class A Units, pro rata in accordance with the number of Class A
Units held by them;

    

    
      	
               
      

            	
              (vi)

            	
              thereafter,
      with respect to the period January 1, 2015 until February 28, 2015, GAAP
      PBT generated by the Company in such period shall be
      allocated:

            

    

    

    (A)           first,
100% to the holders of Class A Units, pro rata in accordance with the number of
Class A Units held by them, up to a maximum amount equal to the sum of (i) the
2015 Hurdle plus (ii) the Class A 2015 Shortfall Amount (such sum, the “2015 Class A Priority
Allocation”);

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (B)           second,
100% to the holders of Class B Units, Class C Units and Class D Units up to a
maximum amount equal to the result of (i) the 2015 Class A Priority Allocation,
multiplied by (ii) 40%, divided by (iii) 60%, such amount being allocated among
them as follows:

    

    (1)           first,
100% to the holders of Class B and Class C Units allocated pro rata among the
holders of Class B Units and Class C Units in accordance with the total number
of Class B and Class Units held by them until the Class C Units shall have been
allocated an amount of GAAP PBT for 2015 under this clause (B) equal to 8.0% of
Base PBT; and

    

    (2)           thereafter,
any remaining amount allocated 100% to the holders of Class B and Class D Units,
allocated pro rata in accordance with the number of Class B or Class D Units
held by such holder out of the total number of Class B and Class D Units
authorized but without allocating any amount to MDC Holdco in respect of any
Class D Units held by it, with any amount attributable to unissued or cancelled
Class D Units or Class D Units held by MDC Holdco being allocated to the holders
of Class C Units pro rata in accordance with the number of Class C Units held by
them;

    

    (C)           third,
any remaining GAAP PBT shall be allocated as follows:

    

    (1)           32.0%
of such amount shall be allocated to the holders of Class B Units, pro rata in
accordance with the number of Class B Units held by them,

    

    (2)           
8.0% of such amount shall be allocated to the holders of Class D Units (other
than MDC Holdco), pro rata in accordance with the number of Class D Units held
by such holder out of the total number of Class D Units authorized (with any
unallocated amount resulting from unissued or cancelled Class D Units or Class D
Units held by MDC Holdco being reallocated to the holders of Class C Units pro
rata in accordance with the number of Class C Units held by them);
and

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (3)           the
remainder of the amount to be allocated under this Section 3.5(a)(vi)(C) to the
holders of Class A Units, pro rata in accordance with the number of Class A
Units held by them;

    

    
      	
               
      

            	
              (vii)

            	
              thereafter,
      with respect to the remainder of calendar year 2015, GAAP PBT generated by
      the Company in such period shall be allocated as
  follows:

            

    

    

    (A)           first,
100% to the holders of Class A Units, Class B and Class C Units allocated pro
rata in accordance with the number of Units held by them, until holders of the
Class C Units shall have been allocated an aggregate amount of GAAP PBT for 2015
under this clause (A) and Section 3.5(a)(vi) equal to 8.0% of Base
PBT;

    

    (B)           thereafter,
the remaining GAAP PBT shall be allocated as follows:

    

    (1)           32.0%
of such amount shall be allocated to the holders of Class B Units, pro rata in
accordance with the number of Class B Units held by them,

    

    (2)           
8.0% of such amount shall be allocated to the holders of Class D Units (other
than MDC Holdco), pro rata in accordance with the number of Class D Units held
by such holder out of the total number of Class D Units authorized (with any
unallocated amount resulting from unissued or cancelled Class D Units or Class D
Units held by MDC Holdco being reallocated to the holders of Class C Units pro
rata in accordance with the number of Class C Units held by them);
and

    

    (3)           the
remainder of the amount to be allocated under this Section 3.5(a)(vii)(B) to the
holders of Class A Units, pro rata in accordance with the number of Class A
Units held by them;

    

    
      	
               
      

            	
              (viii)

            	
              thereafter,
      with respect to calendar year 2016 and all calendar years thereafter, GAAP
      PBT generated by the Company in such years shall be allocated as
      follows:

            

    

    

    (A)           first,
GAAP PBT in excess of Base PBT shall be allocated as follows:

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    (1)           32.0%
of such amount shall be allocated to the holders of Class B Units, pro rata in
accordance with the number of Class B Units held by them,

    

    (2)           
8.0% of such amount shall be allocated to the holders of Class D Units (other
than MDC Holdco), pro rata in accordance with the number of Class D Units held
by such holder out of the total number of Class D Units authorized (with any
unallocated amount resulting from unissued or cancelled Class D Units or Class D
Units held by MDC Holdco) being reallocated to the holders of Class C Units pro
rata in accordance with the number of Class C Units held by them);
and

    

    (3)           the
remainder of the amount to be allocated under this Section 3.5(a)(viii)(A) to
the holders of Class A Units, pro rata in accordance with the number of Class A
Units held by them;

    

    (B)           
then, the remaining GAAP PBT shall be allocated to the holders of Class A, Class
B and Class C Units, pro rata in accordance with the number of Class A, Class B
or Class C Units held by them.

    

    (b)           Allocation of Annual
Loss.  In the event that GAAP PBT for any year shall be less
than zero, such amount (expressed as a negative) shall be allocated to a loss
account (the “Loss
Account”), which shall be required to be brought to zero through
allocations of future year allocations of GAAP PBT pursuant to Section 3.5(a)(i)
before allocations of positive GAAP PBT shall be made to the
Members.

    

    (c)           Effect of Priority
Satisfaction Event.  In the event that a Priority Satisfaction
Event shall have occurred:

    

    (i)           in
respect of allocations being made for calendar years 2010-2012, then (A)
allocations for such year shall continue to be made in accordance with Sections
3.5(a)(i) and (ii) for calendar years 2010-2012, (B) no allocations for calendar
year 2013 or 2014 shall be made under Sections 3.5(a)(iii), (iv) or (v), and (C)
all future allocations for 2013 and 2014 shall be made under Section
3.5(a)(viii) irrespective of the 2016 date limitation set forth
therein;

    

    (ii)           in
respect of allocations being made for calendar years 2013 or 2014, then (A) no
further allocations shall be made to Class A Units under Section 3.5(a)(iii) for
such calendar year, (B) holders of Class B, C and D Units shall be entitled to
receive an allocation under Section 3.5(a)(iv) in respect of such year of the
lesser of (x) the amount remaining available for allocation and (y) 66.67% of
the amount allocated to the holders of Class A Units for such calendar year
under Section 3.5(a)(ii), (C) any additional allocations for such calendar year
shall be made under Section 3.5(a)(v), and (D) allocations for all future years
shall be made under Section 3.5(a)(viii) irrespective of the 2016 date
limitation set forth therein; or

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (iii)           in
respect of allocations being made for calendar year 2015 under Section
3.5(a)(v), then (A) no further allocations shall be made to Class A Units under
Section 3.5(a)(vi) for such calendar year, (B) holders of Class B, C and D Units
shall be entitled to receive an allocation under Section 3.5(a)(vi) in respect
of such period of the lesser of (x) the amount remaining available for
allocation and (y) 66.67% of the amount allocated to the holders of Class A
Units for such period under Section 3.5(a)(vi), and (C) any additional
allocations for 2015 shall be made under Section 3.5(a)(vii) irrespective of the
period limitation set forth therein.

    

    (d)           For
purposes of this Section 3.5, the following additional definitions shall
apply:

    

    (i)           “2010 Hurdle” means the result
of (x) the sum of (A) $2,200,000 and (B) FAP divided by 90%, multiplied by (y)
83-1/3%;

    

    (ii)          “2011 Hurdle” means the sum of
(x) $2,200,000, (y) FIP times 20%, and (z) SAP divided by 90%;

    

    (iii)         “2012 Hurdle” means the sum of
(w) $2,200,000, (x) FIP times 20%, (y) FIIP times 20%, and (z) FIAP divided by
90%;

    

    (iv)         “2015 Hurdle” means the result
of (x) the sum of (A) $2,200,000 and (B) FAP divided by 90%, multiplied by (y)
16-2/3%;

    

    (v)          “Annual Hurdle” shall mean the
result of (a) the sum of the CP, FIP and  FIIP, (b) multiplied by
20%.

    

    (vi)         “Base PBT” shall mean 2009 PBT
(as defined in Section 2.1.3 of the Purchase Agreement).

    

    (vii)        “Class A 2013 Shortfall Amount”
shall mean the excess, if any, of (x) the sum of the 2010 Hurdle, 2011 Hurdle
and 2012 Hurdle over (y) the aggregate amount of GAAP PBT allocated to the
holders of Class A Units pursuant to Section 3.5(a)(ii) in respect of calendar
years 2010, 2011 and 2012.

    

    (viii)       “Class A 2014 Shortfall Amount”
shall mean the excess, if any, of (x) the sum of the Annual Hurdle and the Class
A 2013 Shortfall Amount over (y) the amount of GAAP PBT allocated to the holders
of Class A Units pursuant to Section 3.5(a)(iii) in respect of calendar year
2013.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (ix)         “Class A 2015 Shortfall Amount”
shall mean the excess, if any, of (x) the sum of the Annual Hurdle and the Class
A 2014 Shortfall Amount over (y) the amount of GAAP PBT allocated to the holders
of Class A Units pursuant to Section 3.5(a)(iii) in respect of calendar year
2014.

    

    (x)          “CP”, “FAP”, “FIP”, “FIAP”, “FIIP” and “SAP” shall have the meaning
ascribed to such terms in the Purchase Agreement.

    

    (xi)         “Priority Satisfaction Event”
shall mean (i) prior to the payment of the FIIP, if the allocation of GAAP PBT
to Class A Units pursuant to Section 3.5(a) shall equal the result of (x)
$19,000,000 plus (y) FAP divided by 90%, plus (z) SAP divided by 90% or (ii)
after the payment of the FIIP, if the allocation of GAAP PBT to Class A Units
pursuant to Section 3.5(a) shall equal the result of (w) the sum of CP, FIP,
FIIP plus (x) FAP divided by 90%, plus (y) SAP divided by 90%, plus (z) FIAP
divided by 90%.

    

    Section
3.6             Company
Acquisitions.                                                      

    

    (a)             Consideration of Qualifying
Proposals.  WWG may, from time to time, present to the Board,
proposals for the Company to acquire businesses that are consistent with the
Company’s Board-approved strategy.  If such proposal is a Qualifying
Proposal (as defined below) and (x) the MDC Holdco Managers on the Board vote
against approval of such acquisition or (y) MDC Partners (as defined in Section
4.1(a)) refuses to provide cash to fund the purchase price for such acquisition,
such proposal shall be deemed a “Rejected Qualifying
Proposal”.  For further clarity, the Members specifically agree
that the failure of the Company and the potential acquisition target to come to
terms, any Board requirement that the Company conduct thorough and complete due
diligence, any Board requirement that adequate documentation and indemnification
protection be provided to the Company or any MDC Partners requirement that the
transaction structure be adjusted in respect of tax, finance, accounting or
legal considerations, shall not be deemed to be grounds for a Qualifying
Proposal to become a Rejected Qualifying Proposal.  In the event that
three Qualifying Proposals made in good faith by WWG become Rejected Qualifying
Proposals prior to March 1, 2013, an “Acquisition Failure Event”
shall have been deemed to occur.   A “Qualifying Proposal” shall be
a proposal to acquire a Person:

    

    
      (i)               
that has
annual EBITDA margins of at least 20% over the prior two calendar years, and
projected over the year of acquisition and the subsequent
year,

    

    

    
      (ii)              
that has
annual revenue growth of at least 15% over the prior two calendar years, and
projected over the year of acquisition and the subsequent
year,

    

    

    
      (iii)              for which
no Client Group (as defined in Section 10.4(e) below) in the trailing 12 months
represents, nor is projected to represent in the next 12 months, more than 20%
of revenues,

    

    

    
      (iv)              for an
effective purchase price multiple of less than 6.0x profit before
tax,

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
      (v)              
that has
an implied enterprise valuation at the time of acquisition of not more than $20
million;

    

    

    
      (vi)              made at a
time when the Company shall have had PBT (as defined and calculated pursuant to
the Purchase Agreement) for the prior calendar year, and projected PBT (as
defined and calculated pursuant to the Purchase Agreement) for the current year,
of at least 80% of the then current Reference PBT.  Reference PBT for
purposes of this condition shall be (i) 2009 PBT (as defined in the Purchase
Agreement) for acquisition proposals made in 2010; the average of 2009 PBT and
2010 PBT (as defined and calculated in the Purchase Agreement) for acquisition
proposals made in 2011; and the average of 2009 PBT, 2010 PBT and 2011 PBT (as
defined and calculated in the Purchase Agreement) for acquisition proposals made
in 2012 or later years; and

    

    

    
      (vii)             the terms
of which incorporate the following elements:

    

    

    
      	
               
      

            	
              (A)

            	
              acquisition
      of a majority and control, with the right to require the remaining
      minority (non-binding put rights may be
  included);

            

    

    

    
      	
               
      

            	
              (B)

            	
              no
      more than 60% of the projected purchase price is payable at closing, with
      the remaining purchase price contingent on the performance of the target
      over at least two years
post-acquisition;

            

    

    

    
      	
               
      

            	
              (C)

            	
              the
      target shall have sufficient and agreed upon working capital to operate
      its business post-closing in accordance with the target’s proposed
      operating and capital expenditure budget without additional
      borrowing;

            

    

    

    
      	
               
      

            	
              (D)

            	
              the
      target will be debt-free at
closing;

            

    

     

    
      	
               
      

            	
              (E)

            	
              the
      purchaser shall be entitled to a priority return based on the purchase
      price for the initial purchase;

            

    

    

    
      	
               
      

            	
              (F)

            	
              the
      seller(s) may be granted minority protections no more favorable than
      provided in this Agreement;

            

    

    

    
      	
               
      

            	
              (G)

            	
              the
      seller(s) shall enter into protective covenant agreements reasonably
      acceptable to MDC Partners; and

            

    

    

    
      	
               
      

            	
              (H)

            	
              MDC
      Partners shall be entitled to pledge its acquired equity and the assets of
      the target (and subsidiaries, if any) in connection with MDC Partners’
      credit facilities and/or secured debt; the target shall be required to
      grant upstream guarantees in connection with such facilities and to
      participate in MDC Partners’ centralized cash management and banking
      program;

            

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    (b)           Effect of Acquisitions on
Profit Allocation, Distributions.  In the event that the
Company consummates an acquisition (a “Company Acquisition”), whether
or not as a result of a Qualifying Proposal, the Members agree that the
following shall be the basis pursuant to which GAAP PBT shall be allocated and
cash generated from the operations of such Company Acquisitions (“Acquisition Cash Flow”) shall
be utilized:

    

    
      (i)              Payments
of purchase price made by MDC Partners or one of its Affiliates shall be deemed
a loan to the Company (an “Acquisition Loan”) made at an
interest rate of 12%.  Any third party transaction expenses incurred
in connection with the Company Acquisition shall be included as an Acquisition
Loan;

    

    

    
      (ii)             A
separate calculation of GAAP PBT shall be made each year for each Company
Acquisition (each such calculation, “Acquired Company GAAP PBT”);
for the avoidance of doubt, (x) interest accruing on the Acquisition Loan in
respect of any Company Acquisition shall be treated as an expense in the
calculation of such Company Acquisition’s Acquired Company GAAP PBT and (y) to
the extent any item of income or expense is included in the calculation of
Acquired Company GAAP PBT, such item shall not also be included in the
calculation of GAAP PBT for purposes of Section 3.5 except to the extent
Acquired Company GAAP PBT is included back in GAAP PBT pursuant to clause (iii)
below;

    

    

    
      (iii)            As long
as any Acquisition Loan remains outstanding or any Deferred Acquisition
Consideration Liabilities (as defined in Section 10.4(e) below) remain in
respect of a Company Acquisition, the Acquired Company GAAP PBT (whether
positive or negative) for such Company Acquisition shall not be included in the
GAAP PBT to be allocated pursuant to Section 3.5 above and instead shall be
allocated 100% to the Class A Member and shall not be included in the
calculations described in Section 3.5(a).  If no Acquisition Loan
remains outstanding nor any Deferred Acquisition Consideration Liabilities
remain in respect of a Company Acquisition, then the Acquired Company GAAP PBT
for such Company Acquisition shall be included in the GAAP PBT to be allocated
pursuant to Section 3.5 above;

    

    

    
      (iv)           
As long
as a Acquisition Loan for a Company Acquisition is outstanding or any Deferred
Acquisition Consideration Liability shall remain without a corresponding cash
reserve (as described below), Acquisition Cash Flow from such Company
Acquisition shall not be included generally in Cash Flow, but instead shall be
allocated in the following manner: (A) first, to pay current interest and any
interest arrearage on outstanding Acquisition Loans for such Company
Acquisition, (B) second, as a contribution to Cash Flow specifically for the
purpose of funding any necessary Tax Distribution relating to the allocation of
Acquired Company GAAP PBT for such Company Acquisition, (C) third, as payment on
the outstanding balance of the Acquisition Loans for such Company Acquisition
and (D) fourth, as a contribution to a cash reserve to satisfy any Deferred
Acquisition Consideration Liability for such Company
Acquisition.   Upon payment in full of the Acquisition Loans for
a Company Acquisition, and satisfaction in full of all Deferred Acquisition
Consideration Liabilities (including for this purpose, any associated cash
reserve) (collectively, “Debt
Satisfaction”), any additional available Acquisition Cash Flow from such
acquisition (“Acquisition Free
Cash Flow”) shall be included in Cash Flow and become available for
distribution in accordance with Section 3.4 hereof.  In the event that
following Debt Satisfaction, but prior to delivery of a Call Exercise Notice or
a Sale Request Acceptance Notice, (x) the Deferred Acquisition Consideration
Liabilities is adjusted downward (other than as a result of a payment), an
amount of cash equal to such adjustment shall be released from the cash reserve
and shall be included in Cash Flow and become available for distribution in
accordance with Section 3.4 or (y) the Deferred Acquisition Consideration
Liabilities is adjusted upward, then the first sentence in this clause (iv)
shall become effective until a sufficient cash reserve is established to satisfy
such adjustment.

    

     

    
      
        
        

      

      
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    Each
Company Acquisition shall be treated separately for purposes of this Section
3.6(b); however, each Acquisition Loan in respect of a single Company
Acquisition shall be aggregated for purposes of this Section
3.6(b).

    

    Section
3.7             Effective
Time.  The Members agree
that the provisions of this Article III shall apply from and after the Effective
Time (as defined in Section 13.1).  Accordingly, GAAP PBT and any
Profit or Losses of the Company in respect of the portion of calendar year 2010
prior to the Effective Time shall not be included in the calculations described
in this Article III and shall be allocated solely to WWG and WWG2 in accordance
with the Original Operating Agreement; provided, however, subject to Section
2.1.1(b) of the Purchase Agreement, no distributions shall be payable in respect
of such GAAP PBT or Profits for such earlier period following the Effective
Time. 

     

    ARTICLE
IV

    MANAGEMENT

    

    Section
4.1             Management
of the Company.

    

    (a)           Except
to the extent otherwise provided for herein, the powers of the Company shall be
exercised by and under the authority of, and the business and affairs of the
Company shall be managed under, the direction of the Managers of the Company.
Notwithstanding the foregoing or any other provisions hereof to the contrary,
until MDC Holdco or one of its Affiliates has purchased and paid for 100% of the
Class B Units and Class C Units, the taking of any of the actions listed in
clauses (i) through (x) below shall require the
consent of both MDC Holdco and WWG.  The consent of MDC Holdco and WWG
may be obtained by a vote at a meeting of the Members or by the written consent
of MDC Holdco and WWG.

     

    
      
        
        

      

      
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    (i)           a
sale, lease or other disposition of all or substantially all or a significant
part of the assets or business of the Company or any subsidiary thereof, except
in connection with (x) a sale, lease or other disposition of all or
substantially all or a significant part of the assets or business or stock (an
“MDC Sale”) of MDC
Partners Inc. (“MDC
Partners”); (y) an MDC Financing (as defined in Section 4.1(e) hereof) or
the exercise of a default remedy under any agreement entered into in connection
with an MDC Financing; or (z) any transfer by MDC Holdco or any of its
Affiliates of their respective interest in the Company to another wholly-owned
subsidiary of MDC Partners (an “MDC Internal Transfer”) (for
purposes of this Agreement, in the event of any MDC Internal Transfer, the term
MDC Holdco as used in this Agreement shall include any such
transferee);

    

    (ii)          a
merger or consolidation of the Company with and into another Person or of
another Person with and into the Company, except in connection with an MDC Sale,
an MDC Internal Transfer or an MDC Financing;

    

    (iii)         the
authorization or issuance of additional Class A Units, Class B Units, Class C
Units, Class D Units or other equity ownership interests in, or the granting of
any other rights to participate in the proceeds of the sale of assets of the
Company which are dilutive to WWG; or the incurring of debt for borrowed money
in excess of the amount provided for in the approved annual operating budget or
capital expenditure budget, except in connection with borrowings under the terms
and conditions of the MDC Cash Management Program (and in compliance with
Section 4.1(d) below);

    

    (iv)         an
acquisition by the Company or any of its subsidiaries of the stock, assets or
business of another Person or any investment by the Company of funds or other
assets in another Person (other than money market investments or their
equivalent);

    

    (v)          except
as permitted under Section 14.4 hereof, a material amendment or modification to
the Certificate or this Agreement;

    

    (vi)         a
relocation of the Company's primary offices outside of Broward County,
Florida;

    

    (vii)        the
making of any loan to any employee of the Company or any of its subsidiaries
other than reasonable travel and business expense advances in the ordinary
course and consistent with past practices exceeding $10,000, in the aggregate,
at any one time outstanding;

    

    (viii)       any
change in the name of the Company;

    

    (ix)          entering
into any business other than, or any transaction outside of, the normal business
activities of the Company and any of its subsidiaries and related activities
other than a MDC Internal Transfer;

    

    (x)           the
payment by the Company of any general management fee to any Member or one of
such Member's Affiliates; or

    

    (xi)          a
fundamental change to the nature of the business of the Company and its
subsidiaries, taken as a whole.

     

    
      
        
        

      

      
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    (b)           As
long as this Agreement is in full force and effect, the Company shall keep on
file at its principal office a copy of this Agreement. The Company shall make
such copy available to any Member during normal business hours and upon
reasonable advance written notice.

    

    (c)           As
long as this Agreement is in full force and effect, the Company and the Members
agree that they shall cause any and all subsidiaries of the Company to comply
with the provisions of this Section 4.1 as if such provisions were applicable to
such subsidiary.

    

    (d)           The
parties hereto further agree that the operations of the Company and its
subsidiaries shall be conducted (i) subject to Section 4.1(h) below, to
participate in the overall cash management and banking program of MDC Holdco
Partners as set forth on Schedule 4.1(d) hereto (the
“MDC Cash Management
Program”), and (ii) to comply on a timely basis with the financial
reporting and budgeting procedures of MDC Holdco Partners as from time to time
in effect, which procedures require the approval of an annual operating budget,
capital expenditure budget and cash flow projections and require management of
operating companies to seek approval prior to material deviations from such
budgets.

    (e)           Notwithstanding
anything to the contrary contained in this Agreement, in consideration for the
payment of the purchase price pursuant to the Purchase Agreement and for other
good and valuable consideration, the parties hereto hereby (i) agree that MDC
Partners  and/or any of its Affiliates, in connection with its or any
of its Affiliates’ current or future credit facilities, debt offerings
(including, without limitation, senior, subordinated or mezzanine debt issued in
a public offering or a Regulation S or Rule 144A private placement) or any other
debt agreements, shall be entitled to: (w) pledge or grant a security interest
in or otherwise have a lien placed upon MDC Holdco’s Membership Interests; (x)
pledge or grant a security interest in or otherwise have a lien placed upon the
assets and properties of the Company and/or its subsidiaries; (y) assign all of
its rights, benefit, title and interest in the Company and distributions
therefrom, including, without limitation, all rights and claims pursuant to and
under any Call to, or to an agent or representative on behalf of, its bank or
lender or group of banks or group of lenders (as applicable and collectively,
the “Lender”); and (z)
have the Company and/or its subsidiaries provide guarantees and such other
ancillary security and related documentation as reasonably required by the
Lender from time to time (the items in (w), (x), (y) and (z) being collectively
referred to as an “MDC
Financing”); and (ii) consent unconditionally to (x) the granting of all
security and the execution of all documents required in connection with an MDC
Financing and the enforcement thereof, where applicable, by the Lender; and (y)
any transaction by which the Lender becomes the absolute legal and beneficial
owner of any Membership Interests which have been pledged or assigned by
it.

    

    (f)           MDC
Partners shall cause sufficient working capital to be made available to the
Company as shall be determined by the Board of Managers to be reasonably
necessary to execute upon its approved annual operating and capital expenditure
budgets, but in no event shall MDC Partners or any of its Affiliates be required
to fund losses of the Company or any of its subsidiaries.  Such
working capital shall be provided to the Company on terms consistent with the
MDC Cash Management Program and accordingly, neither MDC Partners nor any of its
Affiliates shall be required to provide working capital in the event that the
consolidated cash balance of the Company in the MDC Cash Management Program is
negative. The parties hereto further agree that the Company shall hereby adopt,
and shall take appropriate steps to cause the employees of the Company to comply
with, the Code of Conduct of MDC Partners, as the same may be amended from time
to time.

     

    
      
        
        

      

      
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    (g)           The
Company shall comply with all applicable federal, state and local laws and the
Company shall provide reasonable assistance to MDC Partners and its Affiliates
in their compliance with all applicable federal, state and local laws, including
without limitation, the provisions of the Sarbanes-Oxley Act of 2002, as amended
from time to time.

    

    (h)           The
Company shall not take any of the actions described in Section 4.1(a) if such
action would be reasonably be expected to have a material adverse effect on the
value of the Class D Units that is disproportionate to the other Members unless
(i) consented to by holders of a majority of the Class D Units or (ii) WWG and
MDC Holdco have mutually agreed to such action in accordance with Section
4.1(a).

    

    Section
4.2             Authority
of Managers.  Unless specifically authorized by a resolution
duly adopted by the Managers, no Manager, solely in his capacity as a Manager,
shall have the authority or power to act as agent for or on behalf of the
Company or any other Manager, to do any act which would be binding on the
Company or any other Manager, to incur any expenditures on behalf of or for the
Company, or to execute, deliver and perform any agreements, acts, transactions
or other matters on behalf of the Company.

    

    Section
4.3             Number
and Qualifications of Managers.  As long as both of WWG own
outstanding Units of the Company, there shall be five (5) Managers of the
Company of which MDC Holdco shall be entitled to appoint three (3) Managers and
WWG shall be entitled to appoint two (2) Managers (each Manager appointed by WWG
must be a Principal or a full-time employee of the Company or one of its
subsidiaries); thereafter the Managers shall be elected in accordance with
Section 4.4.  No decrease in the number of Managers shall have the
effect of shortening the term of any incumbent Manager.  None of the
Managers need be Members of the Company or residents of the State of
Delaware.  The initial designees of MDC Holdco are Rob Dickson,
Michael Sabatino and David Doft.  The initial designees of WWG are
Daniel K. Gregory and Stephen Groth.

    

    Section
4.4             Election
and Term of Service.  At each annual meeting of Members held in
accordance with this Agreement, the Members may elect Managers to serve until
the next succeeding annual meeting.  Subject to Section 4.3, the
individuals receiving the greatest number of votes (determined by number of
Units cast in favor) shall be the Managers.  Cumulative voting for the
election of Managers shall not be permitted.  Each Manager elected
shall serve as Manager for the term for which he is elected and until his
successor shall have been elected by the Members and qualified or until his
earlier death, resignation, retirement, disqualification or removal in
accordance with this Agreement.

     

    
      
        
        

      

      
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    Section
4.5             Removal;
Filling of Vacancies.  As long as WWG owns outstanding Units of
the Company, only MDC Holdco can remove and replace its appointed Managers and
only WWG can remove and replace its appointed Managers.  Following
such time, the Members by the required vote as set forth in Section 5.5 shall be
entitled to remove any Manager and to elect for the unexpired term of such
Manager so removed another individual.  Upon the resignation,
retirement or death of any of the Managers of the Company, subject to Section
4.3, the Members by the required vote as set forth in Section 5.5, shall be
entitled to elect another Person for the unexpired term of such
Manager.

    

    Section
4.6             Place of
Meetings.  Meetings of the Managers, annual, regular or
special, may be held either in New York, NY or Fort Lauderdale, Florida, unless
otherwise agreed to by the Managers (including, for as long as WWG own
outstanding Units of the Company, at least one Manager appointed by MDC Holdco
and one Manager appointed by WWG).

    

    Section
4.7             Annual
Meetings.  Annual meetings of the Managers, of which no notice
shall be required, shall be held at the discretion of the Managers immediately
following the annual meeting of Members for the purpose of designating officers
of the Company and the transaction of any other business.

    

    Section
4.8             Regular
Meetings.  The Managers shall notify each of the Members of
regular meetings of the Managers, which meetings shall be held at such times and
places as may be fixed from time to time by resolution adopted by the
Managers.  Except as otherwise provided by statute, any and all
business may be transacted at any regular meeting.  The Managers shall
be given reasonable notice of the date, time and place of any scheduled regular
meeting.

    

    Section
4.9             Special
Meetings.  Special meetings of the Managers may be called by
any Manager on not less than twenty-four hours’ notice to each Manager, either
personally or by mail (overnight service), telegram, telephone, facsimile or
similar communication.  Only business within the purpose or purposes
described in the notice of special meeting of Managers may be conducted at the
meeting.

    

    Section
4.10           Quorum of
and Action by Managers.  At all meetings of the Managers the
presence of a majority of the number of Managers fixed by or in the manner
provided by this Agreement shall be necessary and sufficient to constitute a
quorum for the transaction of business.  Unless otherwise specifically
required by law or this Agreement, the act of a majority of Managers present at
a meeting at which a quorum is present shall be the act of the Managers;
provided that such majority includes the affirmative vote of one MDC Holdco
Manager.  If a quorum shall not be present at any meeting of the
Managers, the Managers present may adjourn the meeting to another time by giving
reasonable notice of the date, time and place of the adjourned meeting to all
Managers. At any such adjourned meeting at which a quorum is present, any
business may be transacted that might have been transacted at the meeting as
originally convened.

    

    Section
4.11           Approval
or Ratification of Acts or Contracts by Members.  The Managers,
in their discretion, may submit any act or contract for approval or
certification at any annual meeting of the Members, or at any special meeting of
the Members called for the purpose of considering any such act or contract, and
subject to the provisions of Section 4.1(a), any act or contract that shall be
approved or ratified by the holders of a majority of the Units entitled to vote
thereon or such greater percentage as may be provided by any other applicable
provision of this Agreement shall be as valid and binding upon the Company and
upon all the Members as if it shall have been approved or ratified by every
Member of the Company.

     

    
      
        
        

      

      
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    Section
4.12          Action
Without a Meeting.  Subject to Section 4.1(a), any action
required or permitted to be taken at any meeting of the Managers may be taken
without a meeting, with prior notice of such contemplated action to each of the
Managers (with no requirement to provide copies to any additional persons
described in Section 14.1 or otherwise), and without a vote, if a consent or
consents in writing, setting forth the action so taken, shall be signed by the
minimum number of Managers that would have been required to approve such action
at a meeting and the writing or writings are filed with the minutes of
proceedings of the Managers.  A telegram or similar transmission by a
Manager, or a photographic, pdf, facsimile or similar reproduction of a writing
signed by a Manager, shall be regarded as signed by the Manager for purposes of
this Section 4.12.

    

    Section
4.13           Telephone
Meetings.  Any Manager may participate in any meeting of
Managers by using conference telephone or similar communications equipment by
means of which all individuals participating in the meeting can hear each other,
and participation in a meeting pursuant to this Section shall constitute
presence in person at such meeting.

    

    Section
4.14           Interested
Managers and Officers.  No contract or transaction between the
Company and one or more of its Managers or between the Company and any other
Person in which one or more of its Members, Managers or officers are
shareholders, partners, members, directors, managers or officers, or have a
financial or equity interest, shall be void or voidable solely for this reason,
or solely because the Manager is present at or participates in the meeting of
the Managers which authorizes the contract or transaction, or solely because his
or their votes are counted for such purpose, if: (i) all material facts as to
the relationship or interest and as to the contract or transaction are disclosed
or are known to the Managers, and the Managers in good faith authorize the
contract or transaction by the affirmative vote of a majority of the
disinterested Managers, even though the disinterested Managers be less than a
quorum; (ii) the material facts as to the relationship or interest and as to the
contract or transaction are disclosed or are known to the Members entitled to
vote thereon, and the contract or transaction is specifically approved in good
faith by vote of a majority of the disinterested holders of Units entitled to
vote thereon or such greater percentage as may be provided by any other
applicable provision of this Agreement; or (iii) the contract or transaction is
fair as to the Company as of the time it is authorized, approved or ratified by
the Managers or the Members.

    

    Section
4.15           Manager’s
Compensation.  No Manager shall be entitled to receive any
compensation for attendance at meetings of the Managers or otherwise serving as
a Manager. Nothing in this Agreement shall be construed to preclude any Manager
from serving the Company in any other capacity and receiving proper compensation
therefor.

    

    Section
4.16           Time
Devoted to Company.  The Managers shall devote such time to
Company business as they deem necessary to manage and supervise the business and
affairs of the Company in an efficient manner; but nothing in this Agreement
shall preclude the employment of any agent, third party or Affiliate to manage
or provide other services with respect to the Company’s assets or business as
the Managers shall determine.

     

    
      
        
        

      

      
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    Section
4.17          Liability
of Managers.  Except as expressly provided under the Act, no
Manager shall be liable for the debts, liabilities, contracts or other
obligations of the Company; provided, however, that each Manager shall be liable
for any debts, liabilities, contracts or other obligations of the Company
incurred or agreed to by such Manager without authorization and in violation of
Section 4.2 of this Agreement.

    

    ARTICLE
V

    MEETINGS
OF MEMBERS

    

    Section
5.1             Annual
Meetings.  An annual meeting of the Members shall be held on
such date, at such time and at such place as shall be determined by the Managers
and stated in the notice of the meeting.  At such meeting, the Members
shall elect the Managers (subject to Section 4.3 above) and transact such other
business as may properly be brought before the meeting.

    

    Section
5.2            Special
Meetings.  Special meetings of the Members, for any purpose or
purposes, unless otherwise prescribed by statute, the Certificate or this
Agreement, may be called by any Manager or Member.  Only business
within the purpose or purposes described in the notice of special meeting of
Members may be conducted at the meeting.

    

    Section
5.3             Place of
Meetings.  Meetings of Members shall be held at such places,
within or without the State of Delaware, as may from time to time be fixed by
the Managers or as shall be specified or fixed in the respective notices or
waivers of notice thereof; provided, however, the Members agree that such
meetings of Members shall be held in New York, NY, unless otherwise agreed upon
by the Members.

    

    Section
5.4             Notice of
Meetings.  Written or printed notice stating the place, day and
hour of each meeting of the Members and, in case of a special meeting, the
purpose or purposes for which the meeting is called, shall be delivered not less
than five nor more than fifty days before the date of the meeting, either
personally or by mail, by or at the direction of any Manager or individual
calling the meeting, to each Member entitled to vote at the meeting; provided,
however, that notice of any meeting shall not be required if all Members not
receiving notice waive any and all requirements for giving notice of such
meeting of the Members.

    

    Section
5.5             Quorum of
and Action by Members.  With respect to any matter, the holders
of at least a majority (or such higher percentage as may be required by law or
any other provision of this Agreement, including Section 4.1(a) above) of the
Units entitled to vote on that matter, present in person or represented by proxy
shall constitute a quorum of each meeting of Members for the transaction of
business with respect to that matter.  Unless otherwise provided in
this Agreement, the Members represented in person or by proxy at a meeting of
Members at which a quorum is not present may adjourn the meeting until such time
and place as may be determined by a vote of the holders of a majority of the
Units represented in person or by proxy at that meeting.  At any such
adjourned meeting at which a quorum shall be present or represented, any
business may be transacted that might have been transacted at the meeting as
originally convened.  Except as otherwise specifically provided in
this Agreement (including without limitation, the provisions of Section 4.1(a)
hereof) or under applicable law, with respect to any matter the affirmative vote
or consent of the holders of a majority of the Units entitled to vote on that
matter and represented in person or by proxy at a meeting of Members at which a
quorum is present shall be the act of the Members.  Unless otherwise
provided in this Agreement, once a quorum is present at a meeting of Members,
the Members represented in person or by proxy may conduct such business as may
be properly brought before the meeting until it is adjourned, and the subsequent
withdrawal from the meeting of any Member or the refusal of any Member
represented in person or by proxy to vote shall not affect the presence of a
quorum at the meeting.

    
      
         

      

      
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    Section
5.6             Action
Without a Meeting.  Any action required by the Act to be taken
at any annual or special meeting of Members, or any action which may be taken at
any annual or special meeting of Members, may be taken without a meeting, with
prior notice of such contemplated action to each of the Members thereof (with no
requirement to provide copies to any additional persons described in Section
14.1 or otherwise), and subject to Section 4.1(a), without a vote, if a consent
or consents in writing, setting forth the action so taken, shall be signed by
the Members holding a majority of all of the Units (or if a higher percentage of
Units is required to take action, such higher percentage).  A
telegram, telex, cablegram or similar transmission by a Member, or a
photographic, photostatic, facsimile or similar reproduction of a writing signed
by a Member, shall be regarded as signed by the Member for purposes of this
Section 5.6.

    

    Section
5.7             Telephone
Meetings.  Subject to the provisions of applicable law and this
Agreement regarding notice of meetings, a Member may participate in any meeting
by using conference telephone or similar communications equipment by means of
which all individuals participating in the meeting can hear each other, and
participation in a meeting pursuant to this Section 5.7 shall constitute
presence in person at such meeting, except when a Person participates in the
meeting for the express purpose of objecting to the transaction of any business
on the ground that the meeting was not lawfully called or convened.

    

    ARTICLE
VI

    OFFICERS

    

    Section
6.1             Officers.  The
Managers may designate one or more individuals (who may or may not be Managers)
to serve as officers of the Company.  The Company shall have such
officers as the Managers may from time to time determine.  Any two or
more offices may be held by the same individual.  An officer of the
Company shall have the duties and responsibilities consistent with his position
and shall perform such duties and responsibilities as shall from time to time be
prescribed or delegated to him by the Managers, subject to the terms of any
employment agreement with the Company or one of its subsidiaries to which such
officer may be a party. The parties hereto hereby initially designate those
persons identified on Schedule
6.1 as officers of the Company.

    
      
         

      

      
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    ARTICLE
VII

    ACCOUNTING
AND TAX MATTERS; REPORTS; BANKING

    

    Section
7.1          Books and
Records.  At all times during the continuance of the Company,
the Company shall maintain and cause each of its subsidiaries, if any, to
maintain, at their respective principal place of business, separate books of
account that shall show a true and accurate record of all costs and expenses
incurred, all charges made, all credits made and received and all income derived
in connection with the operation of their respective businesses in accordance
with United States generally accepted accounting principles, consistently
applied from year to year (“GAAP”).  Such books
of account, together with a copy of this Agreement and of the Certificate, shall
at all times be maintained at the principal place of business of the Company,
shall be open to inspection and examination at reasonable times by each Member
and its duly authorized representative for any purpose reasonably related to
such Member’s interest as a Member of the Company.

    

    Section
7.2         Capital
Accounts.  An individual capital account (the “Capital Account”) shall be
maintained by the Company for each Member as provided below:

    

    (a)          Each
Member's Capital Contributions when made shall be credited to such Member’s
Capital Account.  The Capital Account of each Member shall, except as
otherwise provided in this Agreement, be (i) credited with the amount of
cash and the fair market value of any property contributed to the Company by
such Member or its predecessor in interest (net of liabilities secured by such
contributed property that the Company is considered to assume or take subject to
under Section 752 of the Code), (ii) credited with the amount of any Profits
allocated to such Member or its predecessor in interest for federal income tax
purposes, (iii) debited by the amount of any Losses allocated to such
Member or its predecessor in interest for federal income tax purposes,
(iv) debited by such Member’s (or such predecessor’s) allocable share of
expenditures of the Company not deductible in computing the Company’s taxable
income and not properly chargeable as capital expenditures, including any
nondeductible book amortization of capitalized costs, and (v) debited by
the amount of cash or the fair market value of any property distributed to such
Member its predecessor in interest (net of liabilities secured by such
distributed property that such Member is considered to assume or take subject to
under Section 752 of the Code).  Immediately prior to any distribution
of property by the Company, the Members’ Capital Accounts shall be adjusted, as
required by Treasury Regulation 1.704-1(b)(2).

    

    (b)          Any
adjustments of basis of Company property provided for under Sections 734 and 743
of the Code and comparable provisions of state law (resulting from an election
under Section 754 of the Code or comparable provisions of state law) shall not
affect the Capital Accounts of the Members except to the extent required by
Treasury Regulation § 1.704-1(b)(2)(iv)(m), and the Members’ Capital
Accounts shall be debited or credited pursuant to the terms of this Section 7.2
as if no such election had been made.

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

     

    (c)           It
is the intention of the parties that the Capital Account of each Member be kept
in the manner required under Treasury Regulation
§ 1.704-1(b)(2)(iv).

    

    (d)           Capital
Accounts shall be adjusted, in a manner consistent with this Section 7.2, to
reflect any adjustments in items of Company Profits, Losses, income, gain or
deduction that result from amended returns filed by the Company or pursuant to
an agreement by the Company with the Internal Revenue Service or a final court
decision.

    

    (e)           The
“Unit Capital Account”
of any Unit owned by a Member shall be equal to the Capital Account of such
Member divided by the number of Units owned by such Member.  Upon a
transfer of Class A Units, Class B Units, Class C Units or Class D Units, as the
case may be, pursuant to Article X hereof, an allocable portion of the Class A
Member’s, Class B Member’s, Class C Member’s or Class D Member’s Capital
Account, as the case may be, with respect to such Units shall be transferred to
the purchaser of such Units.

    

    Section
7.3           Tax
Matters Partner.  The Managers shall appoint one of the Members
as the tax matters partner (“TMP”) under Section 6231 of
the Code, and until the Managers shall appoint another Member, such TMP shall be
MDC Holdco.  The TMP shall inform each other Member of all significant
tax matters that may come to its attention (including, without limitation, any
tax audits of the Company) and shall forward to each other Member copies of all
written communications it may receive in that capacity.  Nothing in
this Section 7.3 shall limit the ability of any Member to take any action in its
individual capacity with respect to tax audit matters that is left to the
determination of an individual Member under Sections 6221 through 6233 of the
Code or under any similar state or local provision.  The TMP shall be
entitled to the indemnification provided by the Company as set forth in Article
XI.

    

    Section
7.4           Tax
Elections.  The TMP shall make the following elections on
behalf of the Company:

    

    (a)           To
elect the fiscal year ending December 31 as the Company’s fiscal
year;

    

    (b)           To
elect the accrual method of accounting and partnership tax
treatment;

    

    (c)           To
elect under Section 754 of the Code to adjust the basis of the Company’s assets
pursuant to Sections 734 and 743 of the Code.

    

    (d)           To
elect with respect to such other federal, state and local tax matters as the
Managers shall determine from time to time.

    
      
         

      

      
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    Section
7.5         Bank
Accounts; Investment of Company Funds.  The Managers shall
cause one or more accounts to be maintained in the name of the Company in one or
more banks, which accounts shall be used for the payment of expenditures
incurred in connection with the business of the Company and in which shall be
deposited any and all receipts of the Company.  All amounts shall be
and remain the property of the Company and shall be received, held and disbursed
for the purposes specified in this Agreement.  There shall not be
deposited in any of such accounts any funds other than funds belonging to the
Company, and no other funds shall in any way be commingled with such
funds.  The Managers may invest or cause to be invested the Company
funds in any manner which the Managers deem appropriate, in their discretion,
and is consistent with prudent business practices.  Notwithstanding
anything in this Section 7.5 to the contrary, the Company and/or its
subsidiaries shall maintain such accounts and deposit the funds of the Company
and its subsidiaries in such manner as may be required or advisable in
connection with (i) the MDC Cash Management Program during the Company’s
participation in the program or (ii) an MDC Financing.

    

    Section
7.6         Signature
of Negotiable Instruments.  All bills, notes, checks or other
instruments for the payment of money shall be signed or countersigned by such
officer, officers, agent or agents, and in such manner, as are permitted by this
Agreement and as from time to time may be prescribed by resolution (whether
general or special) of the Managers.

     

    ARTICLE
VIII

    COVENANTS
OF THE MEMBERS

    

    Section
8.1         Independent
Accountants.  Notwithstanding anything to the contrary in this
Agreement, MDC Holdco shall be entitled to appoint the independent public
accountants of the Company to audit the Company’s financial
statements.

     ARTICLE
IX

    DISSOLUTION,
LIQUIDATION AND TERMINATION

    

    Section
9.1         Dissolution.  The
Company shall be dissolved upon the first to occur of either of the approval of
the Members or the entry of a decree of judicial dissolution under the
Act.  As promptly as possible following the occurrence of either of
the foregoing events effecting the dissolution of the Company, a Manager of the
Company shall execute a statement of intent to dissolve, in such form as shall
be prescribed by the Secretary of State of Delaware.
 

    
      
         

      

      
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    Section
9.2         Liquidation.  Upon
dissolution of the Company, the Members shall appoint a Manager as liquidating
trustee, who shall immediately commence to wind up the Company’s affairs; provided, however, that a
reasonable time shall be allowed for the orderly liquidation of the assets of
the Company and the satisfaction of liabilities to creditors so as to enable the
Members to minimize the normal losses attendant upon a
liquidation.  After making payment or provision for all debts and
liabilities of the Company, if determined to be necessary under the
circumstances by the Managers, the Members’ Capital Accounts shall be adjusted
by debiting or crediting each Member’s Capital Account with its respective share
of the hypothetical gains or losses resulting from the assumed sale of all
remaining assets of the Company for cash at their respective fair market values
as of the date of dissolution of the Company in the same manner as gains and
losses on actual sales of such properties are allocated under Section 3.3,
Section 3.5 and Section 3.6 hereof.  The liquidating trustee shall
then by payment of cash or property make distributions to the Members in
accordance with their respective Capital Accounts.  Any distribution
to the Members in liquidation of the Company shall be made by the later of the
end of the taxable year in which the liquidation occurs or 90 days after the
date of such liquidation.  Notwithstanding any provisions in this
Agreement to the contrary, no Member shall be obligated to restore a deficit
balance in its Capital Account at any time.  The proceeds of
liquidation shall be distributed, as realized, in the manner provided in the
Act, subject to the applicable provisions of Section 3.4.  Subject to
the immediately following sentence, the Members shall continue to share Profits
and Losses during liquidation in the same proportions, as specified in Sections
3.3, 3.5 and 3.6 hereof, as before liquidation.  Notwithstanding
anything to the contrary herein, the Managers shall in their good faith
discretion (and in a manner which reflects the economic interests of the Members
consistent with the intent of the transactions set forth in this Agreement and
the Purchase Agreement) allocate items of income, gain, deduction, and loss for
the year of liquidation (and for earlier years if necessary to the extent then
possible) so as to give Members positive Capital Account balances, immediately
before the distributions provided for in the second preceding sentence, equal to
the amount (if any) that would be distributed to Members if distributions were
made in accordance with Section 3.4(a) and (b) hereof.  In the event
that such Manager is unable to perform in his capacity as liquidating trustee
due to bankruptcy, dissolution, death, adjudicated incompetency or any other
termination of such Manager as an entity, the liquidating trustee shall be a
Person approved by the unanimous vote of the Membership
Interests.  With respect to this provision, the term “liquidation”
shall have the same meaning as set forth in Treasury Regulation
§1.704-1(b)(2)(ii) as in effect at such time, provided that the events specified
in Section 10 shall not be deemed a “liquidation”.

    

    Section
9.3         Termination.  The
Company shall terminate when all of the assets of the Company have been
distributed in the manner provided for in this Article IX, and the Certificate
shall have been canceled in the manner required by the Act.

    

    Section
9.4         Claims of
the Members.  Members and former Members shall look solely to
the Company’s assets for the return of their Capital Contributions, and if the
assets of the Company remaining after payment of or due provision for all debts,
liabilities and obligations of the Company are insufficient to return such
Capital Contributions, the Members and former Members shall have no recourse
against the Company or any other Member.

    
      
         

      

      
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    ARTICLE
X

    RESTRICTIONS
ON TRANSFERS; LIQUIDITY RIGHTS

    

    Section
10.1       Assignment
by the Members.  For so long as WWG owns Units, no Class A Unit
shall be sold or transferred without the consent of WWG, except in connection
with (i) an MDC Sale, (ii) an MDC Holdco Internal Transfer, (iii) a sale
described in Section 10.2(c) or (iv) an MDC Financing or the exercise of a
default remedy under any agreement entered into in connection with an MDC
Financing.  Except as set forth in Section 10.2(c), no Class B Unit,
Class C Unit or Class D Unit shall be sold, transferred, assigned, pledged or
otherwise disposed of, in whole or in part, without the written consent of MDC
Holdco to such transfer (or, in the case of a Class D Unit, in accordance with
the Profits Interest Plan).  Any purported transfer by WWG, WWG2 or
other permitted holder of Class B Units, Class C Units or Class D Units of all
or any of its Units, any purported assignment by WWG, WWG2 or other permitted
holders of Class B Units, Class C Units or Class D Units of any of its rights
under this Agreement, and any purported delegation by WWG, WWG2 or other
permitted holders of Class B Units, Class C Units or Class D Units of any of its
duties or obligations under this Agreement (which shall in no way relieve WWG,
WWG2 or such other permitted holder of Class B Units, Class C Units or Class D
Units of responsibility for the performance of any such duties and obligations),
in contravention of any of the provisions of this Agreement, will be null and
void ab initio and of
no force and effect.  Notwithstanding the foregoing, nothing contained
in this Agreement shall prevent the indirect sale of Units as part of any
transaction involving a change of control of MDC Partners or its
successors.

    

    Section
10.2       Put
Rights of WWG/Call Rights of MDC Holdco.

    

    (a)         MDC Holdco Call of Class B
Units.  At any time on or after March 1, 2013 (the "Call Period"), MDC Holdco
shall have the right (but not the obligation) to require WWG and WWG2 to sell to
it (a "Call"), all of
the remaining Class B Units owned by WWG and WWG2.  MDC may exercise
the Call at any time during the Call Period, and may do so by delivering written
notice of exercise (a "Call
Exercise Notice") to WWG and WWG2 during the Call
Period.   The purchase and sale of such Units upon the exercise
of this Call shall be made in accordance with the provisions set forth in
Section 10.4.

    

    (b)         MDC Holdco Call of Class C
Units.  At any time during the Call Period, MDC Holdco shall
also have the right (but not the obligation) to exercise a Call for all of the
remaining Class C Units owned by WWG.  MDC may exercise the Call at
any time  during the Call Period, and may do so by delivering a Call
Exercise Notice to WWG during the Call Period.   The purchase and
sale of such Units upon the exercise of this Call shall be made in accordance
with the provisions set forth in Section 10.4.

    

    (c)         WWG Sale
Request. At any time on or after March 1, 2015 (or in the event of
an Acquisition Failure Event (as defined in Section 3.6), at any time on or
after March 1, 2013) (the “Sale
Request Period”), in the event that MDC Holdco shall not have exercised
its Call right with respect to all of WWG’s Class B Units or Class C Units, WWG
shall have the right (but not the obligation) to request that MDC Holdco to
purchase from it and WWG2 (a “Sale Request”) any or all of
their remaining Class B Units and Class C Units.  WWG may make a Sale
Request by delivering written notice (a “Sale Request Notice”) to MDC
Holdco at any time during the applicable Sale Request Period; provided that WWG
may not make more than one Sale Request in any 12-month period.  MDC
Holdco shall have thirty (30) days following receipt of the Sale Request Notice
to accept WWG’s Sale Request, which acceptance shall be exercised by delivering
written notice (a “Sale Request
Acceptance Notice”) to WWG within such thirty day period.  If
such Sale Request Acceptance Notice is delivered (an “Accepted Sale Request”), the
Class B Units and/or Class C Units shall be sold to MDC Holdco in accordance
with the provisions set forth in Section 10.4, with the date of delivery of the
Sale Request Acceptance Notice being the exercise date.  In the event
that MDC Holdco shall not have delivered a Sale Request Acceptance Notice during
such thirty (30) day period, then (i) WWG shall have the right for twelve (12)
months to solicit bona-fide offers for a sale of its Class B Units and Class C
Units, WWG’s Class B Units and of the Class D Units by the holders of such Class
D Units, to an unaffiliated third party (the “Prospective Purchaser”), (ii)
upon the receipt of such offer, WWG shall deliver written notice (a “Third Party Offer Notice”) of
such offer to MDC Holdco, which notice shall identify the Prospective Purchaser
and shall describe the material terms of such offer, (iii) for a period of ten
(10) days after receipt of the Third Party Offer Notice, MDC Holdco shall have
the right to deliver a Sale Request Acceptance Notice and (x) if such Sale
Request Acceptance Notice is delivered, MDC Holdco shall acquire the Class B
and/or Class C Units as described above and no Member shall be permitted to
consummate a sale to the Prospective Purchaser or (y) if a Sale Request
Acceptance Notice is not delivered, WWG shall, for a period of one hundred
twenty (120) days, be permitted to consummate the sale of its Class B Units
and/or Class C Units, WWG2 and the holders of Class D Units shall be permitted
to sell their Class B Units and Class D Units, respectively, to such Prospective
Purchaser, and WWG shall have the right to require MDC Holdco to sell its Units
to such Prospective Purchaser on substantially the same terms and conditions
(taking into account the economic differences, if any, between Units) provided
that MDC Holdco is able to obtain all necessary approvals, including the
approval of its lenders.

    
      
         

      

      
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    Section
10.3         Binding
Obligations Upon Exercise of a Call or an Accepted Sale
Request.  Upon the proper delivery of a Call Exercise Notice or
a Sale Request Acceptance Notice, WWG and WWG2 shall be obligated to sell to MDC
Holdco, and MDC Holdco shall be obligated to purchase from WWG and WWG2, the
Units subject to the Call or Accepted Sale Request, as applicable, pursuant to
the terms of this Article X.

    

    Section
10.4         Put/Call
Purchase Price.

    

    (a)           Calculation/ Payment of the
Put/Call Purchase Price for Class B Units.  In connection with
the exercise of a Call under Section 10.2(a) or an Accepted Sale Request for
Class B Units, MDC Holdco shall calculate and pay to WWG and WWG2, in the
aggregate (payable to them pro rata in accordance with the number of Class B
Units held by them), the following amounts (collectively, with respect to any
such Call or Accepted Sale Request, the "Class B Put/Call Purchase
Price"):

    

    (i)         within
30 calendar days following the determination of PBT for YP-1 becoming final and
binding on the parties hereto, but in no event earlier than the Put/Call Closing
Date, an amount (the “First
Class B Payment”) equal to:

    

           
     AP x (4.0 x (Adjusted PBT for
YP-1) –Acquisition Liabilities)

                   
3

    

    (ii)         within
30 calendar days following the determination of PBT for YP becoming final and
binding on the parties hereto, but in no event earlier than the Put/Call Closing
Date, an amount (the “Second
Class B Payment”) equal to:

    

    
      	
               
      

            	
              {AP x (4.0 x ((Adjusted PBT for YP-1) + (Adjusted PBT for YP)) – Acquisition Liabilities)} – First Class B
      Payment

            

    

                   3

    
      
         

      

      
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    (iii)         within
30 calendar days following the determination of PBT for YP+1 becoming final and
binding on the parties hereto, an amount (the “Final Class B
Payment”)  equal to:

    

    (x)  the
result of:

    

    
      	
               
      

            	
              AP x
      (AM x ((Adjusted
      PBT for YP-1) + (Adjusted PBT for YP) + (Adjusted PBT for YP+1)) –
      Acquisition Liabilities)

            

    

    
      	
               
      

            	
              3

            

    

    

    minus (y) (First Class B
Payment + Second Class B Payment)

     

    (b)          Calculation/ Payment of the
Put/Call Purchase Price for Class C Units.  In connection with
the exercise of a Call under Section 10.2(b) or an Accepted Sale Request for
Class C Units, MDC Holdco shall calculate and pay to WWG the following amounts
(collectively, with respect to any such Call or Accepted Sale Request, the
"Class C Put/Call Purchase
Price"; the Class B Put/Call Purchase Price and the Class C Put/Call
Purchase Price are referred to in this Agreement as a “Put/Call Purchase
Price”):

    

    (i)           within
30 calendar days following the determination of PBT for YP-1 becoming final and
binding on the parties hereto, but in no event earlier than the Put/Call Closing
Date, an amount (the “First
Class C Payment”) equal to:

    
 

                 
AP x (4.0 x (Adjusted
PBT for YP-1) –Acquisition Liabilities)

               
   3

     

    (ii)          within
30 calendar days following the determination of PBT for YP becoming final and
binding on the parties hereto, but in no event earlier than the Put/Call Closing
Date, an amount (the “Second
Class C Payment”) equal to:

    

    
      	
               
      

            	
              {AP
      x (4.0 x ((Adjusted
      PBT for YP-1) + (Adjusted PBT for YP)) – Acquisition Liabilities)}
      – First Class C Payment

            

    

                   3

    

    (iii)         within
30 calendar days following the determination of PBT for YP+1 becoming final and
binding on the parties hereto, an amount (the “Final Class C
Payment”)  equal to:

    

    (x)  the
result of:

    

    
      	
               
      

            	
              AP x
      (AM x ((Adjusted
      PBT for YP-1) + (Adjusted PBT for YP) + (Adjusted PBT for YP+1)) –
      Acquisition Liabilities)

            

    

    
      	
               
      

            	
              3

            

    

    

    minus (y) (First Class C
Payment + Second Class C Payment)
 

    
      
         

      

      
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    ;
provided, however, for purposes of making each of the calculations in this
Section 10.4(b), in no event shall any of Adjusted PBT for YP-1, Adjusted PBT
for YP or Adjusted PBT for YP+1 be greater than PBT Limit; provided, further
than the Class C Put/Call Purchase Price shall not, with respect to any Call or
Accepted Sale Request, exceed the result of (i) AP multiplied by (ii) AM
multiplied by (iii) the PBT Limit.

    

    (c)          Additional Put/Call Purchase
Price for Class C Units.  In connection with the exercise of a
Call under Section 10.2(b) or an Accepted Sale Request for Class C Units, MDC
Holdco shall calculate and pay to WWG, in respect of its Class C Units, the
following additional amounts of Put/Call Purchase Price, to the extent
applicable:

    

    With
respect to unissued Class D Units as of the delivery of a Call Exercise Notice
or a Sale Request Acceptance Notice:

    

    (i)           within
30 calendar days following the determination of PBT for YP-1 becoming final and
binding on the parties hereto, but in no event earlier than the Put/Call Closing
Date, an amount (the “First
True-Up Payment”) equal to:

    

    (x)          the
result of:

    

    (Unissued AP divided by
AP)

    

    multiplied by

    

    (y)           the
result of:

    
 

               [AP x (4.0 x (Adjusted
PBT for YP-1) –Acquisition Liabilities)] – First Class C
Payment

                 3

    

    (ii)          within
30 calendar days following the determination of PBT for YP becoming final and
binding on the parties hereto, but in no event earlier than the Put/Call Closing
Date, an amount (the “Second
True-Up Payment”) equal to:

    

    (x)          the
result of:

    

    (Unissued AP divided by
AP)

    

    multiplied by

    

    (y)          the
result of:

    

    (A)          the
result of

    

    
      	
               
      

            	
              {AP
      x (4.0 x ((Adjusted PBT for
      YP-1) + (Adjusted PBT for YP)) – Acquisition
      Liabilities)}

            

    

                   3

    

    minus

    

    (B)          the
result of

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

     

    (First
Class C Payment + Second Class C Payment)

    

    with the result of
(x) multiplied by (y), then reduced by

    

    (z)          the
First True-Up Payment

    

    (iii)          within
30 calendar days following the determination of PBT for YP+1 becoming final and
binding on the parties hereto, an amount (the “Third True-Up
Payment”)  equal to:

    

    (x)          the
result of:

    

    (Unissued AP divided by
AP)

    

    multiplied by

    

    (y)         the
result of:

    

    (A)          the
result of

    

    
      	
               
      

            	
              AP x
      (AM x ((Adjusted
      PBT for YP-1) + (Adjusted PBT for YP) + (Adjusted PBT for YP+1)) –
      Acquisition Liabilities)

            

    

    
      	
               
      

            	
              3

            

    

    

    minus

    

    (B)          the
result of

    

    (First Class C Payment + Second Class C
Payment + Final Class C Payment)

    

    with the result of
(x) multiplied by (y), then reduced by

    

    (z)          (First
True-Up Payment + Second True-Up Payment)

    

    With
respect to Class D Units that are purchased by MDC Holdco after the delivery of
a Call Exercise Notice or a Sale Request Acceptance Notice in respect of the
Class C Units:

    

    (iv)         within
7 calendar days following the Final Payment of Put/Call Purchase Price (each as
defined in the applicable Restricted Unit Award Agreement for a holder of Class
D Units) for any Call pursuant to Section 2(f) of the Restricted Unit Award
Agreement, or any Put or Call involving a purchase by MDC Holdco directly from
the Participant (as defined in the Restricted Unit Award Agreement) for which
the Payout Factor (as defined in the Restricted Unit Award Agreement) is less
than 100%, in each case that occurs after the delivery of a Call Exercise Notice
or a Sale Request Acceptance Notice for the Class C Units, MDC Holdco shall pay
the holders of Class C Units the difference between (x) the amount that such
holder of Class D Units would have received under their Restricted Unit Award
Agreement had such Put or Call been calculated as a Call under Section 2(e) of
the Restricted Unit Award Agreement and the Payout Factor were 100% and (y) the
total Put/Call Purchase Price received by such holder of Class D Units
(collectively, the payments made to holders of Class C Units under this clause
(iv), the “Final True-Up
Payments”).

    
      
         

      

      
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    (d)          If
any calculation of the Put/Call Purchase Price results in an amount which is
equal to less than zero, such Put/Call Purchase Price payment shall be deemed to
be zero and accordingly the seller of the Units pursuant to such Put or Call
shall not be under any obligation to pay such negative amount (expressed as a
positive number).

    

    (e)          Other
Definitions.

    

    
      (i)         
“Acquisition PBT” for any
period, for any Company Acquisition, shall mean the PBT associated with such
Company Acquisition for such period; for the avoidance of doubt, interest
accruing on the Acquisition Loans in respect of such Company Acquisition shall
not be treated as an expense in the calculation of such Company Acquisition’s
Acquisition PBT.

    

    

    (ii)         “Acquisition Liabilities” shall
mean the sum of (x) the outstanding balance of all Acquisition Loans as of the
Put/Call Closing Date and (y) the sum of all Deferred Acquisition Consideration
Liabilities for all Company Acquisitions (net of any cash reserve associated
with such liabilities as described in Section 3.6(b)) as of the Put/Call Closing
Date; provided, however, for purposes of calculating the Final Class B Payment,
the Final Class C Payment or the Third True-Up Payment, the Deferred Acquisition
Consideration Liabilities in clause (y) shall be measured as of December 31 of
YP+1, but shall add back to such amount any payments of deferred acquisition
consideration actually made between the Put/Call Closing Date and December 31 of
YP +1 to the extent such payments were satisfied by a source other than the
associated cash reserve.

    

    (iii)        “Adjusted PBT” for any year
shall mean (x) the PBT for such year exclusive of all Acquisition PBT plus (y)
for each Company Acquisition, the Annualized Acquisition PBT for such Company
Acquisition.

    

     (iv)       "AM" shall mean the applicable
multiple and equal:

    

    (w)        4.0,
if the Average Annual PBT Growth Rate is less than or equal to 5%;

    

    (x)          4.25,
if the Average Annual PBT Growth Rate is greater than 5%, but less than or equal
to 10%;

    

    (y)         4.5,
if the Average Annual PBT Growth Rate is greater than 10%, but less than or
equal to 15%;

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

    

    (z)          5.0,
if the Average Annual PBT Growth Rate is greater than 15%;

    

    ;
provided, however, the value of AM determined above shall be further adjusted
based on the following:

    

    
      (A)       
 if
Revenue for any Client Group for the period YP and YP+1 exceeds 30% of the total
Revenue of the Company during such period, then AM shall be reduced by 0.5;
provided, however, AM shall not be reduced to lower than 4.5 as a result of such
reduction; or

    

    

    
      (B)       
 if no
Client Group has generated Revenue for the Company during the period YP and YP+1
greater than or equal to 30% of the total Revenue of the Company during such
period, then AM shall be increased by
0.5.

    

    

    For
purposes of making the calculation described in clauses (A) and (B) above,
Revenue shall be deemed to include Revenue from any Company Acquisition on a pro
forma basis for any period during YP or YP+1 that occurred prior to the
consummation of such Company Acquisition.

    

    (v)          “Annualized Acquisition PBT”
shall mean, with respect to any Company Acquisition, (x) the total Acquisition
PBT for such Company Acquisition for the applicable portion of the Measuring
Period in which the Company Acquisition was included in the Company’s
consolidated results, divided by (y) the number of months during the Measuring
Period in which the Company Acquisition was included in the Company’s
consolidated results, with such result multiplied by (z) 12.

    

     (vi)        "Applicable Percentage" or
"AP" shall mean (x) the
number of Class B Units or Class C Units, as the case may be, being sold
pursuant to a Call or an Accepted Sale Request, divided by (y) the total number
of authorized Class A Units, Class B Units and Class C Units.

    

    (vii)        "Average Annual PBT Growth
Rate" shall mean, for purposes of calculating any Put/Call Purchase
Price, the result of (x) the sum of (1) PBT for YP+1 divided by PBT for YP, and
(2) PBT for YP divided by PBT for YP-1, multiplied by (y) 50%; provided,
however, for purposes of making this calculation Acquisition Company PBT shall
only be included in PBT in the following manner:

    

    (A)         if
the Company Acquisition occurred prior to calendar year YP-1, then it shall be
included for all periods YP-1, YP and YP+1;

    

    (B)         if
the Company Acquisition occurred during the first six months of calendar year
YP-1:  (x) Acquisition Company PBT shall be calculated on a pro forma
basis for YP-1 to include the portion of YP-1 pre-acquisition, and (y)
Acquisition PBT shall be included for periods YP and YP+1;

    
      
         

      

      
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    (C)          if
the Company Acquisition occurred during the last six months of calendar year
YP-1: (x) no Acquisition Company PBT shall be included in clause (1) above for
YP-1 or YP; and (y) Acquisition PBT shall be included for purposes of clause (2)
above for periods YP and YP+1;

    

    (D)          if
the Company Acquisition occurred during the first six months of calendar year
YP:  (x) no Acquisition Company PBT shall be included in clause (1)
above for YP-1 or YP; (y) for purposes of clause (2) above, Acquisition Company
PBT for YP shall be calculated and included on a pro forma basis to include the
portion of YP pre-acquisition, and (z) Acquisition PBT shall be included for
period YP+1; or

    

    (E)          if
the Company Acquisition occurred during the last six months of calendar year YP
or during YP+1, no Acquisition Company PBT shall be included for any of YP-1, YP
or YP+1.

    

    (viii)      “Client Group” for any client
of the Company, shall mean such client and each other client of the Company that
is part of the same group of companies that  conducts business through
more than one entity, division or operating unit, whether or not separately
incorporated.

    

    (ix)         “Deferred Acquisition Consideration
Liabilities” shall mean, as of any date, the current estimated deferred
acquisition consideration (including earn-outs) accounted for in the financial
statements of MDC Partners in respect of any Company Acquisition.

    

    (x)         "Measuring Period" shall mean
the calendar years included in the applicable Put/Call Purchase Price
calculation under Section 10.4(a), 10.4(b) or 10.4 (c)(i)-(iii)
above.

    

    (xi)         “PBT” for any relevant period
shall mean the consolidated net income (loss) of the Company and its
subsidiaries (if any) before provision for all federal and state income taxes
for such period, determined in accordance with GAAP; provided, however, in
making the foregoing determinations:

    

    (1)          neither
the proceeds from nor any dividends or refunds with respect to, nor any
increases in the cash surrender value of, any life insurance policy under which
the Company, or any subsidiary thereof (or any predecessor entity), is the named
beneficiary or is otherwise entitled to recovery, shall be included as income,
and the premium expense related to any such life insurance policy shall not be
treated as an expense;

    
      
         

      

      
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    (2)          intercompany
management fees charged by MDC Holdco or any of its Affiliates (as defined in
Section 13.1 hereof) to the Company or any of its subsidiaries, shall not be
treated as an expense, unless such fees have been approved by the parties in
accordance with this Agreement, and such fees replace an expense that would
otherwise be paid by the Company to a third party;

    

    (3)          any
Losses (as defined in Section 7.2 of the Purchase Agreement) of a Purchaser
Indemnified Party (as defined in Section 7.2 of the Purchase Agreement) which
give rise to an indemnity payment pursuant to the indemnification provisions of
Section 7.2 of the Purchase Agreement and which are fully assumed by WWG and/or
the Principals or as to which such Purchaser Indemnified Party has been
reimbursed (by offset or otherwise), shall not be treated as an expense, and
there shall be excluded from income any amount received by such Purchaser
Indemnified Party pursuant thereto;

    

    (4)          any
indemnity payments made by a Purchaser Indemnified Party to any Company
Indemnified Party (as defined in Section 7.3 of the Purchase Agreement) shall
not be treated as an expense;

    

    (5)          there
shall be no charge against income for the payment or accrual of any component of
any Purchase Price payment pursuant to the Purchase Agreement or any component
of any Put/Call Purchase Price payment;

    

    (6)          the
fees and disbursements of the Company’s attorneys, accountants and financial
advisors incurred prior to or after the Closing (as defined in Section 2.3 of
the Purchase Agreement) in connection with the formation and organization of the
Company and the Subsidiaries and the negotiation, preparation and execution of
the Purchase Agreement and the other documents delivered at such Closing that
have either (x) been expensed and paid prior to such Closing or (y) accrued for
on the Closing Balance Sheet (as defined in the Purchase Agreement), shall not
be treated as an expense;

    

    (7)          the
income (loss) of any subsidiary of the Company whose results of operations are
required to be consolidated with that of the Company under GAAP shall be
included only in proportion to the Company’s direct or indirect ownership in
such subsidiary;

    

    (8)          any
extraordinary or non-recurring gains or losses, gains or losses from the sale of
any capital assets, and any gains or losses recognized by the Company or any of
its subsidiaries in connection with the sale or other disposition of any
investments by the Company or any of its subsidiaries shall be excluded from
income;

    

    (9)          the
fees and expenses of (1) the Accountants in preparing the Special Determination
or any Annual Determination (each as defined in the Purchase Agreement) or (2)
any audit performed in connection with the Sarbanes-Oxley Act of 2002, as
amended or modified from time to time, or any successor statute, and any rules
and regulations promulgated thereunder, in excess of $50,000 in any calendar
year, shall not be treated as an expense; and

    
      
         

      

      
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    (10)        in
the event that the Company or any of its subsidiaries acquires any other Person
pursuant to a purchase of assets or stock, merger or similar transaction (an
“Acquired Business”) on or after the date of this Agreement, the calculation of
PBT shall exclude any net profit (loss) derived by the Company and its
subsidiaries from the Acquired Business unless its inclusion has been agreed to
by the Representative (as defined in the Purchase Agreement), in which case it
shall be included in the manner described within the definitions of “Acquisition
PBT”, “Adjusted PBT” and “Average Annual PBT Growth Rate” in this Section
10.4(e);

    

    (11)        any
transaction expenses incurred in connection with any potential or completed
acquisition shall be included as an expense;

    

    (12)        any
write-off or amortization or depreciation of goodwill or other intangibles
arising out of the purchase of the Purchased Interests (as defined in the
Purchase Agreement) pursuant to the Purchase Agreement shall not be treated as
an expense;

    

    (13)        there
shall be no charge for interest incurred on any loan to fund any payment of the
Purchase Price (as defined in the Purchase Agreement);

    

    (14)        the
fees and expenses of Grant Thornton LLP in preparing the audit for calendar year
2009 and any prior periods to the extent incurred in calendar year 2010, up to
$85,000 shall not be treated as an expense for purposes of 2010
PBT;

    

    (14)        any
distribution by WWG of any Purchase Price proceeds to its members shall not be
treated as an expense;

    

    (15)        any
salary expenses payable to any individuals hired to replace any of the
Principals to the extent such Principals are also receiving severance payments
at the time such salary expenses are incurred shall not be treated as an
expense, unless the termination of such Principal's employment was recommended
and initiated by the Representative (as defined in the Purchase
Agreement);

    

    (16)        PBT
shall reflect appropriate fair market compensation levels, including salary and
incentive bonuses; and

    

    (17)        solely
with respect to the calculation of 2010 PBT, an amount equal to $459,129 shall
not be treated as an expense.

    
      
         

      

      
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     (xii)        “PBT Limit” shall mean 2009 PBT
(as defined in Section 2.1.3 of the Purchase Agreement).

    

     (xiii)       "Revenues" during each relevant
calendar year shall mean the commissions and fees, mark-ups and hourly charges
earned by the Company and its subsidiaries during such calendar year for work
generated or performed by employees or contractors and charged to clients
determined in accordance with GAAP; provided, however, Revenues shall not
include any pass-through of third party costs or direct billings of expenses
where the Company and its subsidiaries acts as an agent for its
clients.

    

    (xiv)        "Unissued AP" shall mean (x)
the number of authorized Class D Units that are unissued as of the date that a
Call Exercise Notice or a Sale Request Acceptance Notice in respect of the Class
C Units has been delivered, divided by (y) 80, with the result multiplied by (z)
8.0%.

    

    (xv)         "YP" shall mean the calendar
year in which the respective Call was exercised by proper delivery of an
Exercise Notice or the Accepted Sale Request occurred.

    

    (xvi)        "YP-1" shall mean the calendar
year immediately preceding YP.

    

    (xvii)       "YP+1" shall mean the calendar
year immediately following YP.

    

    (f)           Accounting
Procedures.

    

    (i)           Upon
exercise of each Call or Accepted Sale Request, MDC Holdco may prepare or, at
its discretion, may cause BDO Seidman LLP or other independent accountant of
national standing (the "Accountants") to prepare, in
accordance with GAAP, a report containing a consolidated balance sheet of the
Company and its subsidiaries, if any, as of the close of business on December 31
of each year contained within the Measuring Period, and a related consolidated
statement of income of the Company and its subsidiaries, if any, for the
relevant calendar year then ended, in each case together with a statement based
upon such report which (x) states that it was prepared in accordance with this
Agreement and (y) sets forth for the period under examination the applicable
calculation of PBT, and (z) sets forth all adjustments required to be made to
such audited financial statements in order to make the calculations required
under this Section 10.4 (the "Annual
Determination").  MDC Holdco shall have the option, in its sole
discretion, to instruct the Accountants to audit the annual financial statements
and to determine the scope of such audit.  MDC Holdco shall instruct
the Accountants to deliver a copy of each such Annual Determination to WWG not
later than 120 days after the end of the period to which such Annual
Determination relates; provided, however, any delay of the Accountants to meet
such timetable shall impose no liability on the part of MDC
Holdco.

    
      
         

      

      
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    (ii)           If
WWG does not agree that any Annual Determination correctly states the applicable
calculations of PBT, Revenues or AM for the period under examination, WWG shall
promptly (but not later than 30 days after the delivery of such Annual
Determination to WWG) give written notice to MDC Holdco of any exceptions
thereto (in reasonable detail describing the nature of the disagreement
asserted).  If WWG and MDC Holdco reconcile their differences, the
Annual Determination shall be adjusted accordingly and shall thereupon become
binding, final and conclusive upon all of the parties hereto and enforceable in
a court of law.  If WWG and MDC Holdco are unable to reconcile their
differences in writing within 20 days after written notice of exceptions is
delivered to WWG (the "Reconciliation Period"), the
items in dispute shall be submitted to a mutually acceptable accounting firm
(other than the Accountants) (the "Independent Auditors") for
final determination, and the Annual Determination shall be deemed adjusted in
accordance with the determination of the Independent Auditors and shall become
binding, final and conclusive upon all of the parties hereto and enforceable in
a court of law.  The Independent Auditors shall consider only the
items in dispute and shall be instructed to act within 20 days (or such longer
period as WWG and MDC Holdco may agree) to resolve all items in
dispute.  If WWG does not give written notice of any exception within
30 days after the delivery of an Annual Determination or if WWG gives written
notification of its acceptance of an Annual Determination prior to the end of
such 30 day period, such Annual Determination shall thereupon become binding,
final and conclusive upon all the parties hereto and enforceable in a court of
law.

    

    (iii)           In
the event the Independent Auditors are for any reason unable or unwilling to
perform the services required of it under this Section 10.4, then WWG and MDC
Holdco agree to select another mutually acceptable accounting firm to perform
the services to be performed under this Section 10.4 by the Independent
Auditors.  If WWG and MDC Holdco fail to select the Independent
Auditors as required by clause (i) above within seven days after the expiration
of the Reconciliation Period or fail to select another accounting firm within
seven days after it is determined that the Independent Auditors will not perform
the services required, either WWG or MDC Holdco may request the American
Arbitration Association in New York City (the "AAA") to appoint an
independent firm of certified public accountants to perform the services
required under this Section 10.4 by the Independent Auditors.  MDC
Holdco, on the one hand, and WWG, on the other hand, shall share the fees of the
AAA equally.  For purposes of this Section 10.4(f) the term "Independent Auditors" shall
include such other accounting firm chosen in accordance with this clause
(iii).

    

    (iv)           The
Independent Auditors shall determine the party (i.e., WWG or MDC Holdco) whose
asserted position as to the calculation of PBT for the period under examination
before the Independent Auditors is furthest from the determination of PBT by the
Independent Auditors, which non-prevailing party shall pay the fees and expenses
of the Independent Auditors and shall reimburse the prevailing party for the
portion of the fees of the AAA previously paid by it.

    
      
         

      

      
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    (v)           The
books and records of the Company and its subsidiaries shall be made available
during normal business hours upon reasonable advance notice at the principal
office of the Company, to the parties hereto and their representatives, the
Accountants and the Independent Auditors to the extent required to determine the
calculations required under Section 10.4.  WWG, on the one hand, and
MDC Holdco, on the other hand, shall make available to the other party and their
representatives (including auditors) any back-up materials generated by or for
them to support a position that is contrary to the position taken by the other
party. Upon the request by WWG, MDC Holdco shall request that the Accountants
make their work papers available to WWG and its representatives after the
completion of any audit of the financial statements of the Company and its
subsidiaries and/or to verify the calculations set forth in any Annual
Determination (in each case during normal business hours upon reasonable advance
notice at the principal offices of the Accountants); provided, however, it is
understood that the decision to make such work papers available is solely that
of the Accountants.

    

    (g)           Closing.  The
closing for each purchase and sale of Units (a “Put/Call Closing”) pursuant to a Call
or Accepted Sale Request, as applicable, shall be held at the offices of the
Company within 30 days after the delivery of an Exercise Notice or Sale Request
Acceptance Notice.  The date on which the respective Put/Call Closing
takes place is referred to in this Agreement as its “Put/Call Closing Date”.  At
each Put/Call Closing, the parties shall execute an Assignment of Unit Agreement
in form and substance reasonably acceptable to MDC Holdco and WWG and an
amendment to this Agreement in accordance with Section 14.4 reflecting such
transfer and the reallocated Units (including the related portion of the Capital
Account).  The transfer of any Units pursuant to this Section 10.4
shall be free and clear of all claims, liens and encumbrances other than as
created by the provisions of this Agreement.  Prior to any Put/Call
Closing, the Company and WWG shall use their best efforts to obtain any required
governmental or regulatory approval or approvals.  MDC Holdco shall
have the right to postpone any scheduled Put/Call Closing until any such
governmental or regulatory approval is obtained.

    

    (h)           Put/Call Purchase Price
Payment.  Payment of each component of the Put/Call Purchase
Price shall be made by MDC Holdco in cash by direct wire transfer to such
account as WWG may direct by written notice to the Purchaser given pursuant to
this Agreement.  Each component of the Put/Call Purchase Price shall
be deemed to include imputed interest to the extent required by the
Code.

    

    (i)           Effect of Events During Period Class B
Units and Class C Units Are Issued.  The parties hereto
understand and agree that under the terms of each Principal’s Employment
Agreement with the Company, such Principal may be terminated for "Cause" or
"without Cause" (as such terms are defined in his respective Employment
Agreement).  Accordingly, each of the parties hereto agrees that if
(a) any Principal ceases to be an employee of the Company, regardless of the
reason therefor, or (b) there are changes in the composition of the Board of
Managers of the Company or any subsidiary of the Company, no party to this
Agreement or any Person deriving rights through any such party shall have the
right to make a claim that such cessation of employment or change in the
composition of the Board of Managers of the Company or any subsidiary of the
Company (x) constitutes a breach by MDC Holdco or any of its Affiliates of this
Agreement, (y) resulted in an adverse effect on any Put/Call Purchase Price
payment under this Agreement forming the basis for a claim against MDC Holdco or
any of its Affiliates, or (z) constitutes an event forming the basis for such
party to dispute any calculation required to be made pursuant to the accounting
procedures set forth in Section 10.4(f) hereof.  In the event a
Principal ceases to be employed by the Company, regardless of the reason
therefor, such event shall not affect the right of WWG or WWG2 to receive any
Put/Call Purchase Price payment under this Agreement.

    
      
         

      

      
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    (j)           MDC Partners
Guaranty.  MDC Partners hereby agrees to pay, or cause MDC
Holdco to pay, when due, each payment of Put/Call Purchase Price required
pursuant to this Article X.

     

    ARTICLE
XI

    INDEMNIFICATION

    

    Section
11.1        Indemnification
of Managers, Members and Officers.  The Company shall indemnify
and advance expenses to a Person who was or is threatened to be made a named
defendant or respondent in a proceeding because the individual is or was a
Manager, Member or officer to the fullest extent permitted or authorized by the
laws of the State of Delaware as if the Company was a corporation organized
under the laws of Delaware.  This indemnification provision shall
inure to each of the Managers and Members of the Company, and other Persons
serving at the request of the Company (as provided in this Article), and in the
event of his death shall extend to his legal representatives; but such rights
shall not be exclusive of any other rights to which he may be
entitled.

    

    Section
11.2        Others.  The
Company may indemnify and advance expenses to an employee or agent of the
Company to the same extent that it is required to indemnify and advance expenses
to Managers or Members under this Agreement or by statute.  The
Company may indemnify and advance expenses to Persons who are not or were not
employees or agents of the Company but who are or were "serving at the request
of the Company" (as defined in Section 11.5(d)) as a director, officer, partner,
manager, member, venturer, proprietor, trustee, employee, agent or similar
functionary of another limited liability company, corporation, partnership,
employee benefit plan, or other enterprise or entity (individually, an "Other Entity") to the same
extent that the Company is required to indemnify and advance expenses to
Managers, Members or officers under this Article or by statute.

    

    Section
11.3        Insurance
and Other Arrangements.  The Company may purchase and maintain
insurance or establish and maintain another arrangement on behalf of any
individual who is or was a Manager, officer, employee, Member or agent of the
Company or who is or was serving at the request of the Company as a director,
officer, partner, manager, member, venturer, proprietor, trustee, employee,
agent or similar functionary of an Other Entity, against or in respect of any
liability asserted against him and incurred by him in such a capacity or arising
out of his status as such an individual, whether or not the Company would have
the power to indemnify him against that liability under this Agreement or by
statute.  If the insurance or other arrangement is with a Person or
entity that is not regularly engaged in the business of providing insurance
coverage, the insurance or other arrangement may provide for payment of a
liability with respect to which the Company would not have the power to
indemnify the Person only if including coverage for the additional liability has
been approved by the Members of the Company.  Without limiting the
power of the Company to purchase, procure, establish or maintain any kind of
insurance or other arrangement, the Company may, for the benefit of persons
indemnified by the Company, (a) create a trust fund; (b) establish any form of
self-insurance; (c) secure its indemnity obligation by grant of a security
interest or other lien on the assets of the Company; or (d) establish a letter
of credit, guaranty or surety arrangement.  The insurance or other
arrangement may be purchased, procured, maintained or established within the
Company or with any insurer or other Person deemed appropriate by the Managers
regardless of whether all or part of the stock or other securities of the
insurer or other Person are owned in whole or part by the Company.  In
the absence of fraud, the judgment of the Managers as to the terms and
conditions of the insurance or other arrangement and the identity of the insurer
or other Person participating in an arrangement shall be conclusive and the
insurance or arrangement shall not be voidable and shall not subject the
Managers approving the insurance or arrangement to liability, on any ground,
regardless of whether Managers participating in the approval are beneficiaries
of the insurance or arrangement.

    
      
         

      

      
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    Section
11.4        Report to
Members.  Any indemnification of or advance of expenses to a
Manager, Member or officer in accordance with this Article or the provisions of
any statute shall be reported in writing to the Members with or before the
notice or waiver of notice of the next Members’ meeting or with or before the
next submission to the Members of a consent to action without a meeting and, in
any case, within the 12-month period immediately following the date of the
indemnification or advance.

    

    Section
11.5        Definitions.  For
purposes of this Article XI:

    

    (a)           The
term "expenses" includes
court costs and attorneys’ fees and disbursements;

    

    (b)           The
term "proceeding" means
any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative, arbitrative or investigative, any appeal in such an
action, suit or proceeding, and any inquiry or investigation that could lead to
such an action, suit or proceeding;

    

    (c)           The
term "Manager" means any
Person who is or was a Manager of the Company and any Person who, while a
Manager of the Company, is or was serving at the request of the Company as a
director, officer, partner, manager, member, venturer, proprietor, trustee,
employee, agent or similar functionary of an Other Entity;

    

    (d)           The
term "serving at the request of
the Company" as used above shall include any service as a manager,
director, officer, employee or agent of the Company or where any such Person
performs duties on or otherwise involves services with respect to an employee
benefit plan, or the participants or beneficiaries of the employee benefit plan
sponsored by the Company.  Excise taxes assessed on a Manager with
respect to an employee benefit plan pursuant to applicable law are deemed
fines.  Action taken or omitted to be taken by a Manager with respect
to an employee benefit plan in the performance of his duties for a purpose
reasonably believed by him to be in the interest of the participants and
beneficiaries of the plan is deemed to be for a purpose which is not opposed to
the best interests of the Company.

    
      
         

      

      
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    Section
11.6        Severability.  The
provisions of this Article are intended to comply with the Act.  To
the extent that any provision of this Article authorizes or requires
indemnification or the advancement of expenses contrary to such statute or the
Certificate, the Company’s power to indemnify or advance expenses under such
provision shall be limited to that permitted by such statute and the Certificate
and any limitation required by such statute or the Certificate shall not affect
the validity of any other provision of this Article XI.

    

    Section
11.7        Nonexclusivity
of Rights.  The right to indemnification and the advancement
and payment of expenses conferred in this Article XI shall not be exclusive of
any other right that a Manager or other Person indemnified pursuant hereto may
have or hereafter acquire under any law (common or statutory), provision of the
Certificate or this Agreement or otherwise.

    

    ARTICLE
XII

    ADDITIONAL
AGREEMENTS

    

    Section
12.1        “Team”
Name.  The Members
hereby agree that (a) all right, title and interest in the trade name “Team” or
any variation thereof belong to the Company and (b) so long as the Company is an
Affiliate of MDC Partners, the Company, the Members and the Founding Partners
shall endeavor to have any materials, documents or other items that reference
the name "Team” or any variations thereof to be followed by the words "an MDC
Partners Company".

    

    ARTICLE
XIII

    OTHER
DEFINITIONS

    

    Section
13.1       Other
Definitions.  When used herein, the following terms shall have
the following meanings:

    

    "Adjusted Capital Account
Deficit" with respect to any Member means the deficit balance, if any, in
such Member’s Capital Account as of the end of the relevant fiscal year, after
giving effect to the following adjustments:

    

    (i)          Credit
to such Capital Account any amounts which such Member is obligated to restore
pursuant to any provision of this Agreement or is otherwise treated as being
obligated to restore under Treasury Regulation Section 1.704-1(b)(2)(ii)(c) or
is deemed to be obligated to restore pursuant to the penultimate sentence of
Treasury Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

    

    (ii)         Debit
to such Capital Account the items described in Treasury Regulation Section
1.704-1(b)(2)(ii)(d)(4), (5), and (6).

    

    The
foregoing definition of Adjusted Capital Account Deficit is intended to comply
with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith.

    
      
         

      

      
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    "Affiliate" of any Person
shall mean any Person that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with
such Person.

    

    "Business Day" shall mean any
day on which commercial banks are not authorized or required to close in New
York, NY.

     

    "Capital Contribution" shall
mean the contribution of a Member and any subsequent contributions of capital
made by that Member to the Company as set forth in Article III.

    

    "Cash Flow" shall mean the
consolidated amount of cash in respect of any calendar year of all of the
Company and its subsidiaries that the Board of Managers in its good faith
discretion believes is available for distribution to Members of the Company;
provided, however, during
calendar years 2010-2012, Cash Flow must be at least an amount necessary to
satisfy the distribution required pursuant to Section 3.4(a)(i).

    

    "Class A Distribution Shortfall
Amount" with respect to any calendar year, shall mean the cumulative
amount by which distributions under Section 3.4(a)(i) to holders of Class A
Units for all preceding calendar years since the Effective Time fell short of
the cumulative allocations to holders of Class A Units of GAAP PBT under Section
3.5(a) and Section 3.6(b) for such prior years.

    

    “Class B Distribution Shortfall
Amount" with respect to any calendar year, shall mean the cumulative
amount by which distributions under Section 3.4(a)(ii) to holders of Class B
Units for all preceding calendar years since the Effective Time fell short of
the cumulative allocations to holders of Class B Units of GAAP PBT under Section
3.5(a) for such prior years.

    

    “Class C Distribution Shortfall
Amount" with respect to any calendar year, shall mean the cumulative
amount by which distributions under Section 3.4(a)(ii) to holders of Class C
Units for all preceding calendar years since the Effective Time fell short of
the cumulative allocations to holders of Class C Units of GAAP PBT under Section
3.5(a) for such prior years.

    

    “Class D Distribution Shortfall
Amount" with respect to any calendar year, shall mean the cumulative
amount by which distributions under Section 3.4(a)(ii) to holders of Class D
Units for all preceding calendar years since the Effective Time fell short of
the cumulative allocations to holders of Class D Units of GAAP PBT under Section
3.5(a) for such prior years.

    

    "Code" shall mean the Internal
Revenue Code of 1986, as amended from time to time, and any successor statute or
statutes.

    

    "Company Minimum Gain" shall
have the meaning for "Partnership Minimum Gain" set forth in Sections
1.704-2(b)(2) and 1.704-2(d) of the Treasury Regulations.

    

    "Depreciation" shall mean for
each fiscal year, an amount equal to the depreciation, amortization, or other
cost recovery deduction allowable with respect to an asset for such fiscal year,
except that if the Gross Asset Value of an asset differs from its adjusted basis
for Federal income tax purposes at the beginning of such fiscal year,
Depreciation shall be an amount which bears the same ratio to such beginning
Gross Asset Value as the Federal income tax depreciation, amortization, or other
cost recovery deduction for such fiscal year bears to such beginning adjusted
tax basis; provided, however, that if the adjusted basis for Federal income tax
purposes of an asset at the beginning of such fiscal year is zero, Depreciation
shall be determined with reference to such beginning Gross Asset Value using any
reasonable method selected by the TMP.

    
      
         

      

      
        50

        
          

        

      

      
         

      

    

     

    "Effective Time" shall mean
March 1, 2010.

    

    "GAAP PBT" shall mean, for any
calendar (or partial) year, the consolidated net income (loss) of the Company
and its subsidiaries (if any) before provision for all federal and state income
taxes for such period, determined in accordance with GAAP.

    

    "Gross Asset Value", with
respect to any asset, the asset’s adjusted basis for Federal income tax
purposes, except as follows:

    

    
      (i)          Subject
to the final sentence of this definition, the initial Gross Asset Value of any
asset contributed by a Member to the Company shall be the gross fair market
value of such asset, as determined by reference to Section 3.1(b), and as set
forth in Section 8 to each of the Conveyance Documents.

    

    

    
      (ii)         The Gross
Asset Value of all Company assets shall be adjusted to equal their respective
gross fair market values as of the following times: (a) the acquisition of
additional Units by any new or existing Member in exchange for a Capital
Contribution or in connection with the grant of an interest in the Company as
consideration for the provision of services to or for the benefit of the Company
by an existing Member or a new Member; (b) the distribution by the Company to a
Member of property as consideration for a Unit; and (c) the liquidation of the
Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g);
provided, however, that adjustments pursuant to clauses (a) and (b) above shall
be made only if the Managers reasonably determine that such adjustments are
necessary or appropriate to reflect the relative economic interests of the
Members in the Company;

    

    

    
      (iii)        The Gross
Asset Value of any Company asset distributed to any Member shall be adjusted to
equal the gross fair market value of such asset on the date of distribution;
and

    

    

    
      (iv)        The Gross
Asset Value of Company assets shall be increased (or decreased) to reflect any
adjustments to the adjusted basis of such assets pursuant to Code Section 734(b)
or Code Section 743(b), but only to the extent that such adjustments are taken
into account in determining Capital Accounts pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(m) and clause (vi) of the definition of Profits and
Losses herein; provided, however, that Gross Asset Values shall not be adjusted
pursuant to this clause (iv) to the extent the Managers determine that an
adjustment pursuant to clause (ii) of this definition is necessary or
appropriate in connection with a transaction that would otherwise result in an
adjustment pursuant to this clause (iv).

    

    
      
         

      

      
        51

        
          

        

      

      
         

      

    

     

    If the
Gross Asset Value of an asset has been determined or adjusted pursuant to
clauses (i), (ii), or (iv) hereof, such Gross Asset Value shall thereafter be
adjusted by the Depreciation taken into account with respect to such asset for
purposes of computing Profits and Losses.

    

    "Member Nonrecourse Debt" shall
have the meaning for "Partner Nonrecourse Debt" set forth in Section
1.704-2(b)(4) of the Treasury Regulations.

    

    "Member Nonrecourse Debt Minimum
Gain" shall mean an amount, with respect to each Member Nonrecourse Debt,
equal to the Company Minimum Gain that would result if such Member Nonrecourse
Debt were treated as a Nonrecourse Liability, determined in accordance with
Section 1.704-2(i)(3) of the Treasury Regulations.

    

    "Member Nonrecourse Deductions"
shall have the meaning set forth in Section 1.704-2(i)(2) of the Treasury
Regulations.

    

    "Membership Interest" of any
Member shall mean such Member’s interest in the Company under this Agreement
(including, without limitation, such Member’s interest in Profits and Losses,
distributions, voting, and management, all as specified in this
Agreement).

    

    "Nonrecourse Deductions" shall
have the meaning set forth in Section 1.704-2(b)(1) of the Treasury
Regulations.

    

    "Nonrecourse Liability" shall
have the meaning set forth in Section 1.704-2(b)(3) of the Treasury
Regulations.

    

    "Person" shall mean an
individual, partnership, limited partnership, limited liability company, trust,
estate, corporation, custodian, trustee, executor, administrator, nominee or
entity in a representative capacity.

    

    "Profits and Losses", shall
mean, for each fiscal year, an amount equal to the Company’s taxable income or
loss for such fiscal year, determined in accordance with Section 703(a) of the
Code (for this purpose, all items of income, gain, loss, or deduction required
to be stated separately pursuant to Section 703(a)(1) of the Code shall be
included in taxable income or loss), with the following
adjustments:

    

    
      (i)          
Any
income of the Company that is exempt from Federal income tax and not otherwise
taken into account in computing Profits or Losses pursuant to this definition
shall be added to such taxable income or loss;

    

    

    
      (ii)         
Any
expenditures of the Company described in Section 705(a)(2)(B) of the Code or
treated as Code Section 705(a)(2)(B) expenditures pursuant to Section
1.704-1(b)(2)(iv)(i) of the Treasury Regulations, and not otherwise taken into
account in computing Profits or Losses pursuant to this definition, shall be
subtracted from such taxable income or loss;

    

    
      
         

      

      
        52

        
          

        

      

      
         

      

    

     

    
      (iii)        
In the
event the Gross Asset Value of any Company asset is adjusted pursuant to clauses
(ii) or (iii) of the definition of "Gross Asset Value" herein, the amount of
such adjustment shall be taken into account as gain or loss from the disposition
of such asset for purposes of computing Profits or Losses;

    

    

    
      (iv)        
Gain or
loss resulting from any disposition of property with respect to which gain or
loss is recognized for Federal income tax purposes shall be computed by
reference to the Gross Asset Value of the property disposed of, notwithstanding
that the adjusted tax basis of such property differs from its Gross Asset
Value;

    

    

    
      (v)         
In lieu
of the depreciation, amortization, and other cost recovery deductions taken into
account in computing such taxable income or loss, there shall be taken into
account depreciation for such fiscal year or other period, computed in
accordance with the definition thereof;

    

    

    
      (vi)        
To the
extent an adjustment to the adjusted tax basis of any Company asset pursuant to
Code Section 734(b) or Code Section 743(b) is required pursuant to Treasury
Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in
determining Capital Accounts as a result of a distribution other than in
liquidation of a Member’s Units, the amount of such adjustment shall be treated
as an item of gain (if the adjustment increases the basis of the asset) or loss
(if the adjustment decreases the basis of the asset) from the disposition of the
asset and shall be taken into account for the purposes of computing Profits or
Losses; and

    

    

    
      (vii)       
Notwithstanding
any other provisions of this definition, any items which are specially allocated
pursuant to Sections 3.3(d), (e) and (f) shall not be taken into account in
computing Profits or Losses.

    

    

    The
amounts of the items of Company income, gain, loss, or deduction available to be
specially allocated pursuant to Section 3.3(e) shall be determined by applying
rules analogous to those set forth in clauses (i) through (vii)
above.

    

    "Treasury Regulations" shall
mean final regulations issued by the Department of the Treasury interpreting the
Code.

    

    "Units" shall mean Class A
Units, Class B Units, Class C Units or Class D Units, as
applicable.

     

    ARTICLE
XIV

    MISCELLANEOUS

    

    Section
14.1         Manner of
Giving Notice.  Whenever under the provisions of the Act, the
Certificate or this Agreement, notice is required to be given to the Company,
any Member or Manager of the Company, and no provision is made as to how such
notice shall be given, any such notice to be given hereunder shall be in writing
and shall be deemed to have been given (a) upon personal delivery, if delivered
by hand or courier, (b) three days after the date of deposit in the mails,
postage prepaid, or (c) the next Business Day if sent by facsimile transmission
(if transmission is electronically confirmed) or by a prepaid overnight courier
service, and in each case at the respective addresses or numbers set forth below
or such other address or number as such party may have fixed by
notice:

    
      
         

      

      
        53

        
          

        

      

      
         

      

    

     

    If to MDC
Holdco or MDC Partners, to:

    

    MDC Partners Inc.

    45
Hazelton Avenue

    Toronto,
Ontario

    Canada
M5R 2E3

    Attention:  Rob
Dickson

    Fax:  (416)
960-9555

    

    with a copy
to:

    

    MDC
Partners Inc.

    950 Third
Avenue

    New York,
NY 10022

    Attn:  Mitchell
Gendel, General Counsel

    Fax:  (212)
937-4365

    

    If to WWG, to:

    

    c/o TEAM
Enterprises, Inc.

    110 E.
Broward Blvd., Suite 2450

    Fort
Lauderdale, FL 33301

    Attention:
Daniel K. Gregory

    Fax:

    

    with a copy
to:

    

    Jeffrey
M. Ostrow, Esq.

    Kopelowitz
Ostrow

    220 SW
1st
Avenue, Suite 1200

    Fort
Lauderdale, FL 33301

    Email:
ostrow@kolawyers.com

    Fax:
(954) 525-4300

    

    If to the Company, to:

    

    c/o MDC
Partners Inc.

    45
Hazelton Avenue

    Toronto,
Ontario

    Canada
M5R 2E3

    
      
         

      

      
        54

        
          

        

      

      
         

      

    

     

    Attention:  Rob
Dickson

    Fax:  (416)
960-9555

    

    with a copy
to:

    

    MDC
Partners Inc.

    950 Third
Avenue

    New York,
NY 10022

    Attn:  Mitchell
Gendel, General Counsel

    Fax:  (212)
937-4365

     

    or to
such other address or fax as hereafter shall be designated in writing by the
applicable party sent in accordance herewith or in the records of the
Company.

    

    Section
14.2        Waiver of
Notice.  Whenever any notice is required to be given to any
Member or Manager of the Company under the provisions of the Act, the
Certificate or this Agreement, a waiver thereof in writing signed by the Person
or Persons entitled to such notice, whether before or after the time stated
therein, shall be deemed equivalent to the giving of such notice.

    

    Section
14.3        No
Company Seal.  The Company shall not have a Company seal, and
no agreement, instrument or other document executed on behalf of the Company
that would otherwise be valid and binding on the Company shall be invalid or not
binding on the Company solely because no Company seal is affixed
thereto.

    

    Section
14.4        Amendment
or Modification.  The power to adopt, alter, amend or repeal
this Agreement is vested solely in the Members. Except for the amendments
contemplated by Sections 2.1, 2.2(d) and 10.4(g), and subject to the provisions
of Section 4.1, this Agreement may be altered or amended only by the unanimous
vote or unanimous written consent of MDC Holdco and WWG. The Managers may not
adopt, alter, amend or repeal any provision of this Agreement.

    

    Section
14.5        Binding
Effect.  Subject to the restrictions on transfer and assignment
set forth in Article X of this Agreement, this Agreement is binding on and
inures to the benefit of the Members and their respective successors and
permitted assigns, including without limitation, any Lender who exercises a
default remedy under any agreement entered into in connection with an MDC
Financing.

    

    Section
14.6        Governing
Law; Severability.  This Agreement is governed by and shall be
construed in accordance with the law of the State of Delaware without regard to
the principles of conflict of laws thereof.  In the event of a direct
conflict between the provisions of this Agreement and any provision in the
Certificate or any mandatory provision of the Act, the applicable provisions of
the Certificate or the Act shall control.  If any provision of this
Agreement or the application thereof to any Person or circumstance is held
invalid or unenforceable to any extent, the remainder of this Agreement and the
application of that provision to other Persons or circumstances is not affected
thereby and that provision shall be enforced to the greatest extent permitted by
law.

    
      
         

      

      
        55

        
          

        

      

      
         

      

    

     

    Section
14.7        Counterparts.  This
Agreement may be executed by the parties hereto in any number of counterparts,
each of which shall be deemed an original, but all of which shall constitute one
and the same agreement.

    

    Section
14.8        Entire
Agreement.  This Agreement, including the other documents
referred to herein and the Exhibits and Schedules hereto that form a part
hereof, contains the entire understanding of the parties hereto with respect to
the subject matter contained herein and therein.  This Agreement
supersedes all prior agreements and understandings between the parties with
respect to such subject matter, including without limitation, the Original
Operating Agreement.

    

    Section
14.9        Currency.  Whenever
used in this Agreement, the terms "Dollars" and "$" mean United States
Dollars.  All payments made hereunder shall be made in United States
Dollars.

     

    *                      *                      *

    
      
         

      

      
        56

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF, the
undersigned have executed this Amended and Restated Limited Liability Company
Agreement as of the day and year first above written.

     

    
      
        
          
            
              
                
                  
                    	
                            MDC
      ACQUISITION INC.

                          
	 
      	 
      
	
                            By: 

                          	
                            /s/ 

                          
	 
      	
                            Name:
      Michael Sabatino

                          
	 
      	
                            Title:
      President

                          
	 
      	 
      
	
                            WWG,
      LLC

                          
	 
      	 
      
	
                            By:

                          	
                            /s/
      

                          
	 
      	
                            Name:  
       Daniel K. Gregory

                          
	 
      	
                            Title:     
      Managing Member

                          
	 
      	 
      
	
                            WWG2,
      LLC

                          
	 
      	 
      
	
                            By:

                          	
                            
                              /s/
      

                            

                          
	 
      	
                            Name:   
      Daniel K. Gregory

                          
	 
      	
                            Title:    
       Managing Member

                          
	 
      	 
      
	
                            TEAM
      HOLDINGS LLC

                          
	 
      	 
      
	
                            By:

                          	
                            
                              /s/
      

                            

                          
	 
      	
                            Name:
      Daniel K. Gregory

                          
	 
      	
                            Title:
      Manager

                          
	 
      	 
      
	
                            MDC
      PARTNERS INC.

                          
	
                            (solely
      with respect to Section 10.4(j))

                          
	 
      	 
      
	
                            By:

                          	
                            
                              /s/
      

                            

                          
	 
      	
                            Name:
      Mitchell Gendel

                          
	 
      	
                            Title:
      General Counsel and Corporate Secretary

                          

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
        iExhibit 10.3.1

    

    MEMBERSHIP
UNIT PURCHASE AGREEMENT

    

    by
and among

    

    MF
+ P ACQUISITION CO.,

    

    INTEGRATED
MEDIA SOLUTIONS, LLC

    

    ROBERT
INGRAM,

    

    DESIREE
DU MONT

    

    and

    

    RON CORVINO 

     

    
      

    

    

    Dated May
6, 2010 and effective as of April 30, 2010

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    MEMBERSHIP UNIT PURCHASE
AGREEMENT

    

    MEMBERSHIP UNIT PURCHASE AGREEMENT
(this "Agreement") dated May 6, 2010
and effective as of the close of business on April 30, 2010 (the "Effective Date") , by and
among MF + P ACQUISITION
CO., a Delaware corporation (the "Purchaser"), INTEGRATED MEDIA SOLUTIONS,
LLC, a New York limited liability company ("IMS Holdco"), ROBERT INGRAM ("Ingram"), DESIREE DU MONT ("Desiree"), RON CORVINO ("Ron"; and together with Ingram
and Desiree, individually a "Principal" and collectively,
the "Principals"), and
solely for purposes of Sections 7.6.6 and
8.19, MDC
Partners Inc., a corporation existing under the laws of Canada ("MDC Partners").

    

    WITNESSETH:

    

    WHEREAS, IMS Holdco formed
Integrated Media Solutions Partners LLC, a Delaware limited liability company
(the "Company"), with
IMS Holdco as its initial member owning 100% of the issued and outstanding
membership units in the Company (the "Membership
Units");

    

    WHEREAS, prior to the
execution and delivery of this Agreement, IMS Holdco contributed substantially
all of its assets, subject to certain disclosed liabilities, and its ongoing
business, to the Company pursuant to a General Assignment, Bill of Sale and
Assumption Agreement attached hereto as Exhibit A (the "Conveyance
Document");

    

    WHEREAS, IMS Holdco desires to
sell, and the Purchaser desires to purchase, 75% of the Membership Units to be
designated as "Class A Units" (the "Purchased Units"), pursuant to
the provisions of this Agreement such that after giving effect to such purchase,
the Membership Units will be owned as follows: the Purchaser – 75%; IMS Holdco –
25%;

    

    WHEREAS, simultaneously with
the execution and delivery of this Agreement, the Purchaser, IMS Holdco and the
Company are executing and delivering an Amended and Restated Limited Liability
Company Agreement of the Company (the "Operating Agreement"),
attached hereto as Exhibit
B;

    

    NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth in this
Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties do hereby agree as
follows:

    

    ARTICLE
I

    SALE OF THE PURCHASED
UNITS

    

    Section
1.1       Sale of
the Purchased Units.   Subject to the terms and conditions
herein stated, IMS Holdco agrees to sell, assign, transfer and deliver to the
Purchaser as of the Effective Date (as defined in Section 2.2), and the
Purchaser agrees to purchase from IMS Holdco as of the Effective Date, the
Purchased Units.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    ARTICLE
II

    PURCHASE PRICE AND
CLOSING

    

    Section
2.1   Purchase
Price; Working Capital Adjustment. 

    

    2.1.1    Purchase
Price.  In full consideration for the purchase by the Purchaser
of the Purchased Units, the purchase price (the "Purchase Price"), shall be
calculated and paid by the Purchaser to IMS Holdco, as set forth below
(capitalized terms used in this Article II and not otherwise defined, shall have
the meaning ascribed to such terms in Sections
2.1.2  below):

    

    (a)       Closing
Payment.  At the Closing, the Purchaser shall pay to IMS Holdco
an amount equal to $20,000,000 ("CP").

    

    (b)       Working Capital
Payment.  If the Effective Date Working Capital, as finally
determined pursuant to the procedures set forth in Section 2.1.3, is
less than the Target Working Capital (such difference being referred to herein
as the "Working Capital
Shortfall"), then within five business days after the Special
Determination (as defined in Section 2.1.3(i)
below) and any adjustments thereto shall have become binding on the parties
pursuant to the procedures set forth in Section 2.1.3, (A)
IMS Holdco shall pay to the Purchaser 75% of the Working Capital Shortfall and
(B) immediately thereafter, IMS Holdco and the Purchaser shall contribute to the
capital of the Company as a contribution to capital, 25% and 75%, respectively,
of the Working Capital Shortfall.  If IMS Holdco fails to make all or
any portion of the payment referred to in (A) above or the contribution referred
to in (B) above, in addition to any other legal remedies available to it, the
Purchaser shall have the right to offset any remaining unpaid amount against any
future Purchase Price payments to IMS Holdco, which in the case of (B) above
shall then be contributed by the Purchaser to the capital of the Company in
respect of IMS Holdco's obligation under (B) above.  If the Effective
Date Working Capital, as finally determined pursuant to the procedures set forth
in Section 2.1.3, is greater than Target Working Capital, within five days after
the Special Determination and any adjustments thereto shall have become binding
on the parties pursuant to the procedures set forth in Section 2.1.3, the
Company shall make a distribution to IMS Holdco in the amount of the difference
between Target Working Capital and the Effective Date Working Capital. Any
amount paid pursuant to this Section 2.1.1(b)
shall be referred to as the "Working Capital Payment."

    

    (c)       Top-Up Payments. The
Purchaser shall pay to IMS Holdco the following top-up payments (the "Top-Up
Payments"):

    

    
      (i)     
On
or prior to the first anniversary of the Closing, the Purchaser shall pay to IMS
Holdco an amount equal to $3,333,333 (the "Initial Top-Up Amount"), plus
interest thereon accruing at a rate of 6% per annum from the Closing through the
date of such payment; provided, however, in the event
that on or before December 31, 2010 changes in United States federal long-term
capital gains tax rates are enacted, which will result in an increase in 2011
federal long-term capital gains rates over 2010 federal long-term capital gains
rates (the difference between such rates being referred to herein as the "LTG Rate Increase"), then, at
the election of IMS Holdco (which election must be made by IMS Holdco in writing
and received by the Purchaser no later than December 20, 2010), such payment
shall be made on or prior to December 31, 2010, provided that the Initial Top-Up
Amount shall be reduced by an amount equal to the product of (x) the Initial
Top-Up Amount times (y) 1⁄2 of the LTG Rate Increase.  By way of
example, if 2011 federal long-term capital gains rates are increased from 15% to
25%, then the LTG Rate Increase shall be equal to 10%, and, if a payment prior
to December 31, 2010 is elected by IMS Holdco, the Initial Top-Up Amount shall
be reduced by 5%;

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      (ii)    
on
or prior to the second anniversary of the Closing, an amount equal to
$3,333,333, plus interest thereon accruing at a rate of 6% per annum from the
Closing through the date of such payment; and

    

    

    
      (iii)   
on
or prior to the third anniversary of the Closing, an amount equal to $3,333,334,
plus interest thereon accruing at a rate of 6% per annum from the Closing
through the date of such payment.

    

    

    (d)       First Additional
Payment. Subject to clause (m) below, within five business days after the
determination of Adjusted GAAP PBT for calendar year 2010 and any adjustments
thereto shall have become binding on the parties in accordance with the
Operating Agreement, the Purchaser shall pay to IMS Holdco the First Additional
Payment ("FAP"),
calculated as follows:

    

    FAP = Applicable Percentage x 22.5% x
2010 Adjusted GAAP PBT

    

    ; provided, however, in the event
that 2010 Adjusted GAAP PBT were less than $5,333,333, then FAP shall equal (A)
the excess, if any, of (i) 2010 Adjusted GAAP PBT over (ii) $4,000,000,
multiplied by (B) 90%, multiplied by (C) the Applicable Percentage.

    

    (e)       Second Additional
Payment. Subject to clause (m) below, within five business days after the
determination of Adjusted GAAP PBT for calendar year 2011 and any adjustments
thereto shall have become binding on the parties in accordance with the
Operating Agreement, the Purchaser shall pay to IMS Holdco the Second Additional
Payment ("SAP"),
calculated as follows:

    

    SAP =
Applicable Percentage x 22.5% x 2011 Adjusted GAAP PBT

    

    ; provided, however, in the event
that 2011 Adjusted GAAP PBT were less than $8,000,000, then SAP shall equal (A)
the excess, if any, of (i) 2011 Adjusted GAAP PBT over (ii) $6,000,000,
multiplied by (B) 90%, multiplied by (C) the Applicable Percentage;

    

    ; provided further, however, in the event
that 2010 Adjusted GAAP PBT were less than $4,000,000 then for purposes of the
calculations of SAP above, 2011 Adjusted GAAP PBT shall be reduced by the amount
of such shortfall.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (f)        Third Additional
Payment. Subject to clause (m) below, within five business days after the
determination of Adjusted GAAP PBT for calendar year 2012 and any adjustments
thereto shall have become binding on the parties in accordance with the
Operating Agreement, the Purchaser shall pay to IMS Holdco the Third Additional
Payment ("TAP"),
calculated as follows:

    

    TAP =
Applicable Percentage x 22.5% x 2012 Adjusted GAAP PBT

    

    ; provided, however, in the event
that 2012 Adjusted GAAP PBT were less than $8,000,000, then TAP shall equal (A)
the excess, if any, of (i) 2012 Adjusted GAAP PBT over (ii) $6,000,000,
multiplied by (B) 90%, multiplied by (C) the Applicable Percentage;

    

    ; provided further, however, in the event
that (x) the sum of 2010 Adjusted GAAP PBT and 2011 Adjusted GAAP PBT minus (y)
(i) the sum of (A) FAP divided by the Applicable Percentage applicable to FAP
and (B) SAP divided by the Applicable Percentage applicable to SAP divided by
(ii) 90% minus (z) the 2010 Growth Payment (as defined in Section 2.1.1(i)(ii)
herein), were less than $10,000,000, then for purposes of the calculations of
TAP above, 2012 Adjusted GAAP PBT shall be reduced by the amount of such
shortfall.

    

    (g)       Fourth Additional
Payment. Subject to clause (m) below, within five business days after the
determination of Adjusted GAAP PBT for calendar year 2013 and any adjustments
thereto shall have become binding on the parties in accordance with the
Operating Agreement, the Purchaser shall pay to IMS Holdco the Fourth Additional
Payment ("FOAP"),
calculated as follows:

    

    FOAP =
Applicable Percentage x 22.5% x 2013 Adjusted GAAP PBT

    

    ; provided, however, in the event
that 2013 Adjusted GAAP PBT were less than $8,000,000, then FOAP shall equal (A)
the excess, if any, of (i) 2013 Adjusted GAAP PBT over (ii) $6,000,000,
multiplied by (B) 90%, multiplied by (C) the Applicable Percentage;

    

    ; provided further, however, in the event
that (x) the sum of 2010 Adjusted GAAP PBT, 2011 Adjusted GAAP PBT and 2012
Adjusted GAAP PBT minus (y) (i) the sum of (A) FAP divided by the Applicable
Percentage applicable to FAP, (B) SAP divided by the Applicable Percentage
applicable to SAP and (C) TAP divided by the Applicable Percentage applicable to
TAP divided by (ii) 90% minus (z) the 2010 Growth Payment, were less than
$16,000,000, then for purposes of the calculations of FOAP above, 2013 Adjusted
GAAP PBT shall be reduced by the amount of such shortfall.

    

    (h)       Final Additional
Payment.  Subject to clause (m) below, within five business
days after the determination of Adjusted GAAP PBT for calendar year 2014 and any
adjustments thereto shall have become binding on the parties in accordance with
the Operating Agreement, the Purchaser shall pay to IMS Holdco the Final
Additional Payment ("FIAP"), calculated as
follows:

    

    FIAP =
Applicable Percentage x 22.5% x 2014 Adjusted GAAP PBT

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    ; provided, however, in the event
that 2014 Adjusted GAAP PBT were less than $8,000,000, then FIAP shall equal (A)
the excess, if any, of (i) 2014 Adjusted GAAP PBT over (ii) $6,000,000,
multiplied by (B) 90%, multiplied by (C) the Applicable Percentage;

    

    ; provided further, however, in the event
that (x) the sum of 2010 Adjusted GAAP PBT, 2011 Adjusted GAAP PBT, 2012
Adjusted GAAP PBT and 2013 Adjusted GAAP PBT minus (y) (i) the sum of (A) FAP
divided by the Applicable Percentage applicable to FAP, (B) SAP divided by the
Applicable Percentage applicable to SAP, (C) TAP divided by the Applicable
Percentage applicable to TAP and (D) FOAP divided by the Applicable Percentage
applicable to FOAP divided by (ii) 90% minus (z) the 2010 Growth Payment, were
less than $22,000,000, then for purposes of the calculations of FIAP above, 2014
Adjusted GAAP PBT shall be reduced by the amount of such shortfall.

    

    (i)        Extra Payment; 2010 Growth
Payment.

    

    
      (i)      
(A)
The Purchaser shall pay to IMS Holdco an amount equal to $666,666 in respect of
the calendar year associated with FAP, such payment to be made in 3 equal
installments of $222,222 on the last day of each calendar quarter of the
calendar year associated with FAP, commencing with the last day of the second
calendar quarter of such calendar year and (B) the Purchaser shall pay to IMS
Holdco an amount equal to $1,000,000 in respect of the calendar years associated
with SAP or TAP, as the case may be, such payments to be made in 4 equal
installments of $250,000 on the last day of each calendar quarter of the
calendar years associated with SAP or TAP, as the case may be (each payment
under (A) and (B), an "Extra
Payment", and collectively, the "Extra Payments"); provided, however, IMS Holdco
shall not be entitled to receive the applicable Extra Payment in the event that
Adjusted GAAP PBT for the applicable calendar quarter is less than
$250,000.

    

    

    
      (ii)      Simultaneously
with the payment of FAP, on the date FAP is paid to IMS Holdco, the Purchaser
shall pay to IMS Holdco an amount equal to: (x) 50% times (y) the excess,
if any, of (A) 2010 Adjusted GAAP PBT over (B) $5,906,849 (the "2010 Growth
Payment").

    

    

    (j)        Limitations.  As
of any date during the period commencing on the Effective Date and ending on
December 31, 2014, in the event the amount equal to (A) aggregate Adjusted GAAP
PBT through such date less (B) the sum of
the fractions, the numerators of which are each Additional Payment paid or
payable through such date, and the denominators of which are the Applicable
Percentage applicable to such Additional Payment divided by 90%, less (C) the 2010
Growth Payment, less (D) the
aggregate amount of Extra Payments, results in an amount equal to or in excess
of $30,000,000, then thereafter each of the provisos set forth in Sections 2.1.1(d)
through (h)
shall no longer be applicable.

    

    (k)       No Negative Payments.
Notwithstanding the potential reduction of Adjusted GAAP PBT as set forth in
Sections
2.1.1(e) through (h) above, in the
event that the calculation of FAP, SAP, TAP, FOAP or FIAP, as the case may be,
results in an amount which is less than zero, such Purchase Price component
shall be deemed to be zero.

    
      
         

      

      
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    (l)        Payment of the Purchase
Price. Payment of each
component of the Purchase Price and any payment that is required to be made
under this Section
2.1 shall be made in United States dollars by the Purchaser by direct
wire transfer to the account of IMS Holdco, as set forth on Schedule 2.1.1 (or to such
other account as IMS Holdco may notify the Purchaser in
writing).  Each of FAP, SAP, TAP, FOAP or FIAP, the Extra Payments and
the 2010 Growth Payment, as the case may be, shall be deemed to include imputed
interest, to the extent required by the Internal Revenue Code of 1986, as
amended (the "Code").

    

    (m)      Termination of Additional
Payments.  Upon the exercise of a Call under Section 10.2(a) of
the Operating Agreement, the delivery of a Sale Request Acceptance Notice or the
consummation of a sale to a Prospective Purchaser (as such terms are defined in
the Operating Agreement), as the case may be, pursuant to Section 10.2 of the
Operating Agreement (each a "Sale Event"), IMS Holdco's
right to receive any Additional Payments based upon Adjusted GAAP PBT for, or
otherwise in respect of, the calendar year in which the applicable Sale Event
occurred or for any calendar year(s) thereafter, shall cease, and the obligation
of the Purchaser to pay to IMS Holdco any such Additional Payments shall
terminate, contemporaneously with the applicable Sale Event.

    

    2.1.2        Definitions.

    

    
      (i)           
"Additional Payments" shall
mean the aggregate amount of the payments made in Sections 2.1.1(d)
through (h).

    

    

    (ii)           "Adjusted GAAP PBT" with respect to any
year, shall mean Adjusted GAAP PBT (as defined and calculated pursuant to the
Operating Agreement) for such year; provided, however, solely with
respect to calendar year 2010, 2010 Adjusted GAAP PBT shall be calculated for
the period commencing on May 1, 2010 and ending on December 31,
2010.

    

    (iii)          "Applicable Percentage" shall
mean, with respect to any Additional Payment, a percentage equal to the result
of (A)(x) the average number of Class B Units of the Company owned by IMS Holdco
during the calendar year for which Adjusted GAAP PBT is used to calculate such
Additional Payment (such average being determined as the quotient of (1) the sum
of the products of the varying numbers of Class B Units so owned by IMS Holdco
by the number of days in such year each such number was owned by IMS Holdco, and
(2) 365 or 366 days, as applicable for such year), divided by (y) the average
total number of outstanding Class A Units and Class B Units for such year
(calculated on the same basis as provided in the parenthetical under (A)(x)
above), divided by (B) 25%.

    

    (iv)          "Effective Date Working
Capital" means the current assets of the Company and its subsidiaries, if
any, less the
current liabilities of the Company and the subsidiaries, if any, as of the close
of business as of the Effective Date in accordance with GAAP; provided, however, an amount
equal to $366,273 identified on Schedule 3.23(iv) shall not be
treated as a current liability solely for purposes of determining the Effective
Date Working Capital.

    
      
         

      

      
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    (v)           "GAAP" shall mean United States
generally accepted accounting principles consistently applied.

    

    (vi)          "Target Working Capital" means
an amount equal to $1.00.

    

    2.1.3        Accounting
Procedures.

    

    (i)       
    The Purchaser shall, or shall cause BDO Seidman LLP, or
another independent accounting firm chosen by the Purchaser (the "Accountants"), at the
Purchaser's expense, as soon as practicable after the Closing, to prepare in
accordance with GAAP and deliver to the Representative, a report containing a
consolidated balance sheet of the Company and its subsidiaries, if any, as of
the close of business as of the Effective Date immediately after the
consummation of the transactions effected by the Conveyance Document (the "Closing Balance Sheet"),
together with a statement of the Accountants based upon such report which sets
forth the Effective Date Working Capital (the "Special
Determination").  The Purchaser shall have the option, in its
sole discretion (and at its sole expense) to instruct the Accountants to audit
or perform agreed upon procedures on the Closing Balance Sheet and to determine
the scope of such audit or procedures.  If the Representative does not
agree that the Special Determination correctly states the Effective Date Working
Capital, the Representative shall promptly (but not later than 30 days after the
delivery to him of the Special Determination) give written notice to the
Purchaser of any exceptions thereto (in reasonable detail describing the nature
of the disagreement asserted).  If the Representative and the
Purchaser reconcile their differences, the Effective Date Working Capital
calculation shall be adjusted accordingly and shall thereupon become binding,
final and conclusive upon all of the parties hereto and enforceable in a court
of law.  If the dispute relates to an accounting issue and if the
Representative and the Purchaser are unable to reconcile their differences in
writing within 20 days after written notice of exceptions is delivered to the
Purchaser (the "Reconciliation
Period"), the accounting items in dispute shall be submitted to a
mutually acceptable accounting firm (other than the Accountants) (the "Independent Auditors") for
final determination.  The Effective Date Working Capital calculation
shall be deemed adjusted in accordance with the determination of the Independent
Auditors and shall become binding, final and conclusive upon all of the parties
hereto and enforceable in a court of law.  The Independent Auditors
shall consider only the accounting items in dispute and shall be instructed to
act within 20 days (or such longer period as the Representative and the
Purchaser may agree) to resolve all accounting items in dispute.  If
the dispute involves a non-accounting issue and such dispute cannot be
reconciled within the Reconciliation Period, the dispute shall be settled by a
court of competent jurisdiction.  If the Representative does not give
written notice of any exception within 30 days after the delivery to him of the
Special Determination or if the Representative gives written notification of his
acceptance of the Effective Date Working Capital prior to the end of such 30 day
period, the Effective Date Working Capital set forth in the Special
Determination shall thereupon become binding, final and conclusive upon all the
parties hereto and enforceable in a court of law.

    
      
         

      

      
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    (ii)           In
the event the Independent Auditors are for any reason unable or unwilling to
perform the services required of it under this Section 2.1.3, then
the Purchaser and the Representative agree to select another accounting firm
(other than the Accountants) to perform the services to be performed under this
Section 2.1.3
by the Independent Auditors.  If the Purchaser and the Representative
fail to select the Independent Auditors as required by Section 2.1.3(i)
above within seven days after the expiration of the Reconciliation Period or
fail to select another accounting firm within seven days after it is determined
that the Independent Auditors will not perform the services required, either the
Purchaser or the Representative may request the Judicial Arbitration and
Mediation Services, Inc. ("JAMS") located in New York,
New York, or if JAMS is not so located, in the jurisdiction of closest proximity
to New York, New York to appoint an independent firm of certified public
accountants to perform the services required under this Section 2.1.3 by the
Independent Auditors.  The fees of JAMS shall be shared equally by the
Purchaser and IMS Holdco.  For purposes of this Section 2.1.3 the
term "Independent Auditors" shall include such other accounting firm chosen in
accordance with this Section
2.1.3(ii).

    

    (iii)          The
Independent Auditors shall determine the party (i.e., the Purchaser or the
Representative) whose asserted position as to the calculation of the Effective
Date Working Capital is furthest from the determination of the Effective Date
Working Capital by the Independent Auditors, which non-prevailing party shall
pay the fees and expenses of the Independent Auditors and shall reimburse the
prevailing party for the portion of the fees of JAMS previously paid by
it.

    

    2.1.4        Examination of Books and
Records.  The books and records of IMS Holdco (with respect to
periods prior to the Closing Date) and the Company and its subsidiaries (if any)
shall be made available during normal business hours upon reasonable advance
notice at the principal office of the Company, to the parties hereto, the
Accountants and the Independent Auditors to the extent required to determine the
calculations required under Section
2.1.  The Principals, on the one hand, and the Purchaser, on
the other hand, shall make available to the other party and their
representatives (including auditors) any back-up materials generated by them in
making any determinations hereunder or to support a position that is contrary to
the position taken by the other party.

    

    Section
2.2       Closing.   The
closing of the transactions contemplated by this Agreement (the "Closing") shall take place
simultaneously with the execution and delivery of this Agreement effective as of
the Effective Date, at the offices of Davis & Gilbert LLP, 1740 Broadway,
New York, New York 10019 or by the exchange of documents and instruments by
mail, courier, telecopy and wire transfer to the extent mutually acceptable to
the parties hereto (the date of closing is referred to as the "Closing Date").  The
transactions contemplated by this Agreement shall be effective as of the
Effective Date and the Assets (as defined in the Conveyance Document)
transferred to the Company shall be those owned by the Company as of the
Effective Date, subject to transactions in the ordinary course of business
between the Effective Date and the Closing Date.  After the Effective
Date and through the Closing Date, the operations of IMS Holdco will be for the
account of the Company, and any gain or loss during such period shall inure to
the Company’s detriment or benefit.

    
      
         

      

      
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    Section
2.3       Third
Party Consents.  Anything in this Agreement to the contrary
notwithstanding, in the event an assignment or purported assignment to the
Company of any of the agreements, contracts or commitments of IMS Holdco
pursuant to the Conveyance Document or any claim, right or benefit arising
thereunder or resulting therefrom, without the consent of other parties thereto,
would constitute a breach thereof or would not result in the Company receiving
all of the rights of IMS Holdco thereunder, such agreement, contract or
commitment shall be deemed not to have been assigned to the
Company.  In those circumstances, if reasonably requested by the
Purchaser, after the Closing, IMS Holdco and the Principals will use their best
efforts to obtain any such consent (excluding the payment of any
fees).  If such consent is not obtained and is required to effectively
assign any agreement, contract or commitment to the Company, the Principals and
IMS Holdco will reasonably cooperate with the Company to provide the Company
with the full claims, rights and benefits thereunder, including enforcement at
the cost and for the benefit of the Company of any and all rights of IMS Holdco,
against a third party thereto arising out of the breach or cancellation by such
third party or otherwise, and any amount received by IMS Holdco in respect
thereof shall be held for and paid over to the Company.

    

    Section
2.4        Further
Assurance; Post Closing Cooperation. IMS Holdco will, from time to time,
at the request of the Purchaser, whether at or after the Closing Date, execute
and deliver such other and further instruments of conveyance, assignment,
transfer and consent necessary for the conveyance, assignment and transfer of
the Assets (as defined in the Conveyance Document) pursuant to the Conveyance
Document.  Following the Closing, upon reasonable advance notice, each
party will afford the other party, its counsel and its accountants, during
normal business hours, reasonable access to the books, records and other data
relating to IMS Holdco or the Company and its subsidiaries, if any, in its
possession with respect to periods prior to the Closing and the right to make
copies and extracts therefrom, to the extent that such access may be reasonably
required by the requesting party in connection with (i) the preparation of tax
returns, (ii) the determination or enforcement of rights and obligations under
this Agreement, (iii) compliance with the requirements of any Governmental or
Regulatory Authority (as defined in Section 3.1.2), (iv)
the determination or enforcement of the rights and obligations of any party
entitled to indemnification under Article VII, (v) any actual or threatened
action or proceeding, and (vi) the verification of the Assets and Assumed
Liabilities (as defined in the Conveyance Document).

    

    ARTICLE
III

    REPRESENTATIONS OF IMS
HOLDCO AND THE PRINCIPALS

    

    A.  Each
of the Principals severally represents and warrants to and with the Purchaser,
as follows:

    

    Section
3.1       Execution
and Validity of Agreements; Restrictive Documents.

    

    3.1.1        Execution and
Validity.  The Principal has the full legal right and capacity
to enter into this Agreement and to perform his or her respective obligations
hereunder.  This Agreement has been duly and validly executed and
delivered by such Principal and, assuming due authorization, execution and
delivery by the Purchaser, IMS Holdco and each other Principal a party hereto,
constitutes a legal, valid and binding obligation of such Principal, enforceable
against such Principal in accordance with its terms.

    
      
         

      

      
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    3.1.2        No
Restrictions.  There is no suit, action, claim, investigation
or inquiry by any court, tribunal, arbitrator, authority, agency, commission,
official or other instrumentality of the United States, any foreign country or
any domestic or foreign state, county, city or other political subdivision
("Governmental or Regulatory
Authority"), and no legal, administrative or arbitration proceeding is
pending or, to such Principal's knowledge, threatened against the Principal with
respect to the execution, delivery and performance of this Agreement or the
transactions contemplated hereby or any other agreement entered into by such
Principal in connection with the transactions contemplated hereby.

    

    3.1.3        Non-Contravention.  The
execution, delivery and performance by the Principal of his or her obligations
hereunder and the consummation of the transactions contemplated hereby, will not
as of the Closing Date (a) result in the violation by such Principal of any
statute, law, rule, regulation or ordinance (collectively, "Laws"), or any judgment,
decree, order, writ, permit or license (collectively, "Orders"), of any Governmental
or Regulatory Authority, applicable to such Principal, or (b) conflict with,
result in a violation or breach of, constitute (with or without notice or lapse
of time or both) a default under, or require such Principal to obtain any
consent, approval or action of, make any filing with or give any notice to, or
result in or give to any Person any right of payment or reimbursement,
termination, cancellation, modification or acceleration of, or result in the
creation or imposition of any Lien upon any of the assets or properties of such
Principal, under any of the terms, conditions or provisions of any agreement,
commitment, lease, license, evidence of indebtedness, letter of credit,
mortgage, indenture, security agreement, instrument, note, bond, franchise,
permit, concession, or other instrument, obligation or agreement of any kind,
written or oral (collectively, "Contracts"), to which such
Principal is a party or by which such Principal or any of his or her assets or
properties are bound.

    

    3.1.4        Approvals and
Consents.  No consent, approval or action of, filing with or
notice to any Governmental or Regulatory Authority or Person is necessary or
required under any of the terms, conditions or provisions of any Law or Order of
any Governmental or Regulatory Authority or any Contract to which the Principal
is a party for the execution and delivery of this Agreement by such Principal,
the performance by such Principal of his or her obligations hereunder or the
consummation of the transactions contemplated hereby.

    

    B.  IMS
Holdco and the Principals, jointly and severally, represent and warrant to and
with the Purchaser, as follows:

    

    Section
3.2       Existence
and Good Standing.  IMS Holdco has the full limited liability
company power and authority to enter into this Agreement and the Conveyance
Document and to perform its obligations hereunder and thereunder.  The
Company has the full limited liability company power and authority to enter into
the Conveyance Document and to perform its obligations thereunder. The execution
and delivery of this Agreement and the Conveyance Document by IMS Holdco and the
Conveyance Document by the Company, and the consummation by such parties of the
transactions contemplated hereby and thereby have been duly authorized by all
required company action on behalf of such parties.  This Agreement and
the Conveyance Document have been duly and validly executed and delivered by IMS
Holdco and constitute a legal, valid and binding obligation of IMS Holdco,
enforceable against it in accordance with their terms.  The Conveyance
Document has been duly and validly executed and delivered by the Company, and
constitutes the legal, valid and binding obligation of the Company, enforceable
against it in accordance with its terms.  The Company and IMS Holdco
are each duly organized and are each validly existing and in good standing
(including tax status) under the laws of the State of Delaware and the State of
New York, respectively, with the full power and authority to own their
respective properties and to carry on their respective businesses (the business
operated by the Company hereinafter referred to as the "Business") all as and in the
places where such properties are now owned or operated or such businesses are
now being conducted except where such failure to qualify would not have a
material adverse effect on the respective businesses.  The Company and
IMS Holdco are each duly qualified, licensed or admitted to do business and each
of them is in good company and tax standing in the jurisdictions set forth on
Schedule 3.2, which are
the only jurisdictions in which the ownership, use or leasing of their
respective assets and properties, or the conduct or nature of their respective
businesses, makes such qualification, licensing or admission
necessary.

    
      
         

      

      
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    Section
3.3       Membership
Interests; Equity Ownership; No Options or Restrictions; Subsidiaries and
Investments.  The Principals own of record and beneficially
have valid title to 100% of the membership interests of IMS
Holdco.  IMS Holdco owns of record and beneficially has valid title to
100% of the Membership Units of the Company, including the Purchased Units, and
such ownership is free and clear or all Liens.  Except as set forth on
Schedule 3.3, there are
no outstanding subscriptions, options, warrants, rights (including "phantom
stock rights"), calls, commitments, understandings, conversion rights, rights of
exchange, plans or other agreements of any kind providing for the purchase,
issuance or sale of any equity or ownership or proprietary interest of the
Company, or which grants any Person other than IMS Holdco the right to share in
the earnings of the Company.  Except as set forth on Schedule 3.3, the Company does
not, directly or indirectly, own any equity interest in or have any voting
rights with respect to any Person.  There are no outstanding
subscriptions, options, rights, warrants, calls, commitments or arrangements of
any kind to acquire any of the Purchased Units and there are no agreements or
understandings with respect to the sale or transfer of any of the Purchased
Units other than this Agreement. There is no suit, action, claim, investigation
or inquiry by any Governmental or Regulatory Authority, and no legal,
administrative or arbitration proceeding pending or, to the knowledge of the
Principals, threatened, against any Principal or the Company or any of the
Purchased Units, with respect to the execution, delivery and performance of this
Agreement or the Conveyance Document or the transactions contemplated hereby or
thereby or any other agreement entered into by the Principals or IMS Holdco in
connection with the transactions contemplated hereby or thereby.

    

    Section
3.4       Financial
Statements and No Material Changes.  Schedule 3.4(A) sets forth (a)
the unaudited balance sheets of IMS Holdco as at December 31, 2008 and December
31, 2009 and the related unaudited statements of operations for the fiscal years
then ended, and (b) the unaudited balance sheets of IMS Holdco as at March 31,
2010 (the "Balance
Sheet") and the related unaudited statements of operations for the three
months then ended.  Such financial statements have been prepared in
accordance with GAAP throughout the periods indicated except as set forth on
Schedule
3.4(B).  Each balance sheet fairly presents the financial
condition of the entity or entities included within such balance sheet, at the
respective date thereof, and reflects all claims against and all debts and
liabilities of such entities, fixed or contingent, as at the respective date
thereof, required to be shown thereon under GAAP and the related statements of
operations fairly present the results of operations for the respective period
indicated.  Except for the transactions consummated pursuant to the
Conveyance Document, since March 31, 2010 (the "Balance Sheet Date"), there
has been no material adverse change in the assets or liabilities, or in the
business or condition, financial or otherwise, or in the results of operations
or prospects of IMS Holdco or the Company.

    
      
         

      

      
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    Section
3.5       Books and
Records.  IMS Holdco did not have and the Company does not have
any of its records, systems, controls, data or information recorded, stored,
maintained, operated or otherwise wholly or partly dependent on or held by any
means (including any electronic, mechanical or photographic process, whether
computerized or not) which (including all means of access thereto and therefrom)
were not prior to the Effective Date under the exclusive ownership and
possession of IMS Holdco and which are not now under the exclusive ownership and
possession of the Company.  IMS Holdco or the Principals have
delivered to the Purchaser complete and correct copies of the Certificate of
Formation and the limited liability company agreement of the Company in effect
immediately prior to the execution of this Agreement.

    

    Section
3.6       Title to
Properties; Encumbrances; No Prior Activities.

    

    3.6.1        Title to Properties;
Encumbrances.  Except for the Excluded Assets listed in the
Conveyance Document, IMS Holdco had and the Company now has good and valid title
to, or enforceable leasehold interests in or valid rights under contract to use,
all the properties and assets owned or used by IMS Holdco (real, personal,
tangible and intangible), including, without limitation (a) all the properties
and assets reflected in the Balance Sheet, (b) all the properties and assets
purchased or otherwise contracted for by IMS Holdco since the Balance Sheet Date
(except for properties and assets reflected in the Balance Sheet or acquired or
otherwise contracted for since the Balance Sheet Date that have been sold or
otherwise disposed of in the ordinary course of business) and (c) all monies
received from clients of the Company (including, without limitation, all monies
received in connection with the Company's media purchase obligations on behalf
of its clients), in each case free and clear of all Liens, except for Liens set
forth on Schedule 3.6.  The property,
plant and equipment conveyed by IMS Holdco to the Company, whether owned or
otherwise contracted for, is in a state of good maintenance and repair (ordinary
wear and tear excepted) and is adequate and suitable for the purposes for which
they are presently being used, including the Business.

    

    3.6.2        No Prior
Activities.  The Company was created solely for the purpose of
engaging in the transactions contemplated by the Conveyance Document and this
Agreement.  The Company has not engaged in any activities other than
in connection with its formation, the negotiation, execution and delivery of
this Agreement, the Conveyance Document and the Operating Agreement, and the
consummation of the transactions contemplated hereby and
thereby.  Except for liabilities incurred in connection with its
formation and the consummation of the transactions contemplated by this
Agreement, the Conveyance Document and the Operating Agreement, the Company has
not incurred any liabilities or entered into any agreements or arrangements with
any Person.  As of the Closing Date, (x) neither Media Time Sales LLC
nor Performance Fuel Network LLC (collectively, the "Retained Subsidiaries") are
engaged in any operational or business activities and (y) the Retained
Subsidiaries do not have any liabilities whatsoever or any obligations with
respect to any agreements or arrangements with any Person.

    
      
         

      

      
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    Section
3.7       Real
Property.

    

    3.7.1        Owned Real
Property. The Company does not own
any real property (including ground leases) or hold a freehold interest in any
real property or any option or right of first refusal or first offer to acquire
any real property.

    

    3.7.2        Leased Real
Property.  Schedule 3.7.2 contains an
accurate and complete list of all real property leases, subleases, real property
licenses and other occupancy agreements, including without limitation, any
modification, amendment or supplement thereto and any other related document or
agreement executed or entered into by the Company, or by IMS Holdco and assigned
to the Company pursuant to the Conveyance Document, to which the Company is a
party (as lessee, sublessee, lessor, sublessor, licensor or licensee) (each
individually, a "Real Property
Lease" and collectively, the "Real Property
Leases").  Each Real Property Lease set forth on Schedule 3.7.2 (or required to be set
forth on Schedule 3.7.2) is valid, binding and
in full force and effect; all rents and additional rents and other sums,
expenses and charges due thereunder to date on each such Real Property Lease
have been paid; and the lessee has been in peaceable possession since the
commencement of the original term of such Real Property Lease and no waiver,
indulgence or postponement of the lessee's obligations thereunder has been
granted by the lessor.  There exists no default or event of default by
IMS Holdco or the Company or to the knowledge of the Principals by any other
party to any Real Property Lease; and there exists no occurrence, condition or
act (including the purchase of the Purchased Units hereunder) which, with the
giving of notice, the lapse of time or the happening of any further event or
condition, would become a default or event of default by IMS Holdco or the
Company under any Real Property Lease, and there are no outstanding claims of
breach or indemnification or notice of default or termination of any Real
Property Lease.  IMS Holdco held and the Company now holds the
leasehold estate on all the Real Property Leases free and clear of all Liens
except as set forth on Schedule
3.7.2.  The real property leased by IMS Holdco and/or the
Company is in a state of good maintenance and repair (ordinary wear and tear
excepted), adequate and suitable for the purposes for which it is presently
being used, and there are no material repair or restoration works likely to be
required in connection with any of the leased real properties.  IMS
Holdco was, and the Company now is, in physical possession and actual and
exclusive occupation of the whole of each of its leased
properties.  No environmental claim has been made against IMS Holdco
or the Company with respect to any Real Property Lease.  Neither IMS
Holdco nor the Company owes any brokerage commission with respect to any of the
Real Property Leases.

    
      
         

      

      
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    Section
3.8       Contracts.  Schedule 3.8 hereto contains an
accurate and complete list of the following Contracts (whether written or oral,
but indicating which Contracts are oral) to which the Company is currently a
party or IMS Holdco was a party immediately prior to the assignment of the same
to the Company pursuant to the Conveyance Document (and Schedule 3.8 indicates if a
listed item has not been assigned to
and assumed by the Company pursuant to the Conveyance Document): (a) all Plans
(as such term is defined in Section 3.19), (b)
any personal property lease with a fixed annual rental of $10,000 or more, (c)
any Contract relating to capital expenditures which involves payments of $25,000
or more in any single transaction or series of related transactions,
(d) any Contract relating to the making of a loan or advance to or
investment in, any other Person, (e) any agreement, instrument or
arrangement evidencing or relating in any way to indebtedness for money borrowed
or to be borrowed, whether directly or indirectly, by way of loan, purchase
money obligation, guarantee (other than the endorsement of negotiable
instruments for collection in the ordinary course of business), conditional
sale, purchase or otherwise, (f) any management service, employment,
consulting or similar type of Contract which is not cancelable by the Company or
IMS Holdco without penalty or other financial obligation within 30 days,
(g) any Contract limiting the Company's freedom to engage in any line of
business or to compete with any other Person, including, without limitation, any
agreement limiting the ability of the Company or IMS Holdco or any of their
respective affiliates to take on competitive accounts during or after the term
thereof, (h) any collective bargaining or union agreement, (i) any
Contract between the Company, on the one hand, and any officer or director
thereof, on the other hand, not covered by subsection (f) above (including
indemnification agreements), (j) any secrecy or confidentiality agreement
(other than standard confidentiality agreements in computer software license
agreements or agreements with clients entered into in the ordinary course of
business), (k) any agreement with respect to any Intellectual Property (as
defined in Section
3.14) other than "shrink-wrap" and similar end-user licenses,
(l) any agreement with a client required to be listed on Schedule 3.16, (m) any
agreement, indenture or other instrument which restricts the ability of the
Company or any of its subsidiaries to make distributions in respect of its
equity, (n) any joint venture agreement involving a sharing of profits not
covered by clauses (a) through (m) above, (o) any Contract (not
covered by another subsection of this Section 3.8) which
involves $25,000 or more over the unexpired term thereof and is not cancelable
by the Company, without penalty or other financial obligation within 30 days;
provided, however, Contracts of a similar nature which individually do not
involve $25,000 but in the aggregate involve $25,000 or more over the unexpired
terms shall also be set forth on Schedule 3.8, (p) any Contract
with a media buying service; provided, however, commitments to purchase media in
the ordinary course of business do not have to be set forth on Schedule 3.8, and (q) any
agreement (not covered by another subsection of this Section 3.8) between
the Company, on the one hand, and any member of the Company, on the other hand.
Notwithstanding anything to the contrary contained above, (x) commitments to
media and production expenses which are fully reimbursable from clients, and
(y) estimates or purchase orders given in the ordinary course of business
relating to the execution of projects, do not have to be set forth on Schedule 3.8. Each Contract which has
been assigned to and assumed by the Company pursuant to the Conveyance Document,
including without limitation, those required to be set forth on Schedule 3.8, is in full force and
effect, and there exists no default or event of default by the Company or IMS
Holdco or, to the knowledge of the Principals, by any other party, or
occurrence, condition, or act (including the purchase of the Purchased Units
hereunder) which, with the giving of notice, the lapse of time or the happening
of any other event or condition, would become a default or event of default
thereunder by the Company, and there are no outstanding claims of breach or
indemnification or notice of default or termination of any such
Contract.  Summaries of all oral Contracts contained on Schedule 3.8 are complete and
accurate in all material respects.

    
      
         

      

      
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    Section
3.9       Non-Contravention;
Approvals and Consents.   The execution, delivery and
performance by the Principals, the Company and IMS Holdco of their respective
obligations under this Agreement and the Conveyance Document and the
consummation of the transactions contemplated hereby and thereby, will not (a)
violate, conflict with or result in the breach of any provision of the
certificate of formation and limited liability company agreement (or other
comparable documents) of the Company or IMS Holdco; (b) result in the violation
by the Company or IMS Holdco of any Laws or Orders of any Governmental or
Regulatory Authority, or (c) if the consents and notices set forth in Schedule 3.9 are obtained,
conflict with, result in a violation or breach of, constitute (with or without
notice or lapse of time or both) a default under, or require the Company or IMS
Holdco to obtain any consent, approval or action of, make any filing with or
give any notice to, or result in or give to any Person any right of payment or
reimbursement, termination, cancellation, modification or acceleration of, or
result in the creation or imposition of any Lien upon any of their respective
assets or properties, or under any of the terms, conditions or provisions of any
Contract to which the Company or IMS Holdco is a party or by which the Company
or IMS Holdco or any of their respective assets or properties are or were
bound.  Except as set forth in Schedule 3.9, no consent,
approval or action of, filing with or notice to any Governmental or Regulatory
Authority or other Person is necessary or required under any of the terms,
conditions or provisions of any Law or Order of any Governmental or Regulatory
Authority or any Contract to which the Company or IMS Holdco is a party, or by
which their respective assets or properties were or are bound, for the execution
and delivery of this Agreement or the Conveyance Document, the performance by
the Company or IMS Holdco of their respective obligations hereunder or
thereunder or the consummation of the transactions contemplated hereby or
thereby.

    

    Section
3.10     Litigation.  Except
as set forth on Schedule
3.10, there is no action, suit, proceeding at law or in equity by any
Person, or any arbitration or any administrative or other proceeding by or
before (or to the knowledge of the Principals, any investigation by) any
Governmental or Regulatory Authority, pending or, to the knowledge of the
Principals, threatened, against the Company or IMS Holdco with respect to this
Agreement or the transactions contemplated hereby or by the Conveyance Document,
or any other agreement entered into by the Company or IMS Holdco in connection
with the transactions contemplated hereby, or against or affecting the Business
or the assets transferred to the Company pursuant to the Conveyance Document;
and no acts, facts, circumstances, events or conditions occurred or exist which
are a basis for any such action, proceeding or investigation.  Neither
the Company nor IMS Holdco is subject to any Order entered in any lawsuit or
proceeding. Schedule
3.10 also sets forth with respect to each pending or, to the knowledge of
the Principals, threatened action, suit or proceeding listed thereon, the amount
of costs, expenses or damages the Company or IMS Holdco has incurred to date and
reasonably expects to incur through the conclusion thereof.

    
      
         

      

      
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    Section
3.11    Taxes.   Each
of IMS Holdco and the Company have timely completed and filed, or caused to be
filed, taking into account any valid extensions of due dates, completely and
accurately, all federal, state, local and foreign (if any) tax or information
returns (including estimated tax returns) required under the statutes, rules or
regulations of such jurisdictions to be filed by each of them.  The
term "Taxes" means
taxes, duties, charges or levies of any nature imposed by any taxing or other
Governmental or Regulatory Authority, including without limitation income,
gains, capital gains, surtax, capital, franchise, capital stock, value-added
taxes, taxes required to be deducted from payments made by the payor and
accounted for to any tax authority, employees' income withholding, back-up
withholding, withholding on payments to foreign Persons, social security,
national insurance, unemployment, worker's compensation, payroll, disability,
real property, personal property, sales, use, goods and services or other
commodity taxes, business, occupancy, excise, customs and import duties,
transfer, stamp, and other taxes (including interest, penalties or additions to
tax in respect of the foregoing), and includes all taxes payable by IMS Holdco
or the Company pursuant to Treasury Regulations §1.1502-6 or any similar
provision of state, local or foreign law.  All Taxes shown on said
returns to be due and all other Taxes due and owing (whether or not shown on any
Tax return) have been paid and all additional assessments received prior to the
Closing Date have been paid or are being contested in good faith, in which case,
such contested assessments are set forth on Schedule 3.11.  Each
of IMS Holdco and the Company has collected all sales, use, goods and services
or other commodity Taxes required to be collected and remitted or will remit the
same to the appropriate taxing authority within the prescribed time
periods.  Each of IMS Holdco and the Company have withheld all amounts
required to be withheld on account of Taxes from amounts paid to employees,
former employees, directors, officers, members, residents and non-residents and
remitted or will remit the same to the appropriate taxing authorities within the
prescribed time periods.  The amount set up as an accrual for Taxes
(aside from any reserved for deferred Taxes established to reflect timing
differences between book and Tax accrual) on the Balance Sheet (as opposed to
the notes thereto) is sufficient for the payment of all unpaid Taxes of IMS
Holdco, whether or not disputed, for all periods ended on and prior to the date
thereof.  Since the Balance Sheet Date, IMS Holdco has not incurred
any liabilities for Taxes other than in the ordinary course of the business of
IMS Holdco consistent with past custom and practice. To the knowledge of the
Principals, no member, manager, director or officer (or employee responsible for
Tax matters) of IMS Holdco or the Company has any reason to believe that any
authorities may assess any additional Taxes for any period for which Tax returns
have been filed.  The Principals have delivered to the Purchaser
correct and complete copies of all federal, state and local income tax returns
filed with respect to IMS Holdco and the Company that were requested by the
Purchaser.  Except as set forth on Schedule 3.11, none of the
federal, state or local income tax returns of either IMS Holdco or the Company
have ever been audited by the Internal Revenue Service or any other Governmental
or Regulatory Authority.  No examination of any return of IMS Holdco
or the Company is currently in progress, and neither IMS Holdco nor the Company
has received notice of any proposed audit or examination.  No
deficiency in the payment of Taxes by IMS Holdco or the Company for any period
has been asserted in writing by any taxing authority and remains unsettled at
the date of this Agreement.  Neither IMS Holdco nor the Company has
made any agreement, waiver or other arrangement providing for an extension of
time with respect to the assessment or collection of any Taxes against
it.  Neither IMS Holdco nor the Company has been a member of an
affiliated group filing consolidated federal income tax returns nor has it been
included in any combined, consolidated or unitary state or local income tax
return.  Neither IMS Holdco nor the Company will be required as a
result of a change in accounting method for any period ending on or before the
Closing Date to include any adjustment under Section 481 of the Code (or any
similar provision of state, local or foreign income tax law) in income for any
period ending after the Closing Date, or as a result of a change for any period
that may be required by law in connection with this
transaction.  Neither IMS Holdco nor the Company is obligated to make
any payments or is a party to any agreement that under certain circumstances
could obligate it to make any payments that will not be deductible under Section
280G of the Code.  Neither IMS Holdco nor the Company is or has been a
U.S. real property holding corporation within the meaning or Section 897 of the
Code and none of the Principals or IMS Holdco are nonresident alien individuals
within the meaning of Section 871(b)(1) of the Code.  Neither IMS
Holdco nor the Company has entered into any Tax sharing or indemnification
agreement with any party.  The Company will not be required to include
any item of income in, or exclude any item of deduction from, taxable income for
any taxable period (or portion thereof) ending after the Closing Date as a
result of any: (i) "closing agreement" as described in Code Section 7121 (or any
corresponding or similar provision of state, local, or foreign income tax law);
(ii) installment sale or open transaction disposition made on or prior to the
Closing Date; or (iii) prepaid amount received on or prior to the Closing
Date.  Since its inception, IMS Holdco has been treated as a
partnership for federal, state, local and foreign income tax purposes and will
continue to be treated as a partnership through the Closing Date. Since its
formation, the Company has been treated as disregarded entity within the meaning
of Treasury Regulation Section 301.7701-3 for federal, state and local income
tax purposes.

    
      
         

      

      
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    Section
3.12     Liabilities.  Except
for the Assumed Liabilities (as defined in the Conveyance Document) set forth in
the Conveyance Document, or as set forth on Schedule 3.12, neither the
Company nor IMS Holdco has any outstanding claims, liabilities or indebtedness
of any nature whatsoever as to which the Company is or may become responsible
(collectively in this Section 3.12, "Liabilities"), whether
accrued, absolute or contingent, determined or undetermined, asserted or
unasserted, and whether due or to become due, other than (i) Liabilities
specifically disclosed in any Schedule hereto; (ii) Liabilities under Contracts
of the type required to be disclosed by IMS Holdco, the Company and the
Principals on any Schedule and so disclosed or which because of the dollar
amount or other qualifications are not required to be listed on such Schedule;
and (iii) Liabilities incurred since the Balance Sheet Date in the ordinary
course of business and consistent with past practice of IMS Holdco or the
Company, as the case may be.

    

    Section
3.13     Insurance.  Schedule 3.13 contains a true
and complete list (including the names and addresses of the insurers, the names
of the Persons to whom such insurance policies have been issued, the expiration
dates thereof, the annual premiums and payment terms thereof, whether it is a
"claims made" or an "occurrence" policy and a brief description of the interests
insured thereby) of all liability, property, workers' compensation and other
insurance policies currently in effect that insure the property, assets,
Business and employees of the Company, including but not limited to the
property, assets, business and employees of IMS Holdco that were transferred to
the Company pursuant to the Conveyance Document (other than self-obtained
insurance policies by such employees). Each such insurance policy is valid and
binding and in full force and effect, all premiums due thereunder have been paid
and neither IMS Holdco nor the Company has received any notice of cancellation
or termination in respect of any such policy or default
thereunder.  To the knowledge of the Principals, such insurance
policies are placed with financially sound and reputable insurers, and are in
amounts and have coverage that are reasonable and customary for Persons engaged
in the operation of the Business.  Neither IMS Holdco nor the Company,
or to the knowledge of the Principals, the Person to whom such policy has been
issued has received notice that any insurer under any policy referred to in this
Section 3.13 is
denying liability with respect to a claim thereunder or defending under a
reservation of rights clause.  Within the last two years neither IMS
Holdco nor the Company has filed for any claims exceeding $25,000 against any of
its insurance policies, exclusive of automobile and health insurance policies.
None of such policies shall lapse or terminate by reason of the transactions
contemplated by this Agreement or the Conveyance Document and all such policies
shall continue in effect after the Closing Date for the benefit of the
Company.  Neither IMS Holdco nor the Company has received any notice
of cancellation of any such policy.  Neither IMS Holdco nor the
Company has received written notice from any of its insurance carriers that any
premiums will be materially increased in the future or that any insurance
coverage listed on Schedule
3.13 will not be available in the future on substantially the same terms
now in effect. Neither IMS Holdco nor the Company has been refused any insurance
or required to pay higher than normal or customary premiums, nor has its
coverage been limited by any insurance carrier to which it has applied for
insurance during the last three years.

    
      
         

      

      
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    Section
3.14     Intellectual
Properties.

    

    3.14.1      Definitions.  For
purposes of this Agreement, the following terms have the following
definitions:

    

    "Intellectual Property" shall
include, without limitation, any or all of the following and all rights
associated therewith: (a) all domestic and foreign patents, and applications
therefor, and all reissues, reexaminations, divisions, renewals, extensions,
continuations and continuations-in-part thereof; (b) all inventions (whether
patentable or not), invention disclosures, improvements; (c) trade secrets,
confidential and proprietary information, know how, technology, technical data
and customer lists, financial and marketing data, pricing and cost information,
business and marketing plans, databases and compilations of data, rights of
privacy and publicity, and all documentation relating to any of the foregoing;
(d) all copyrights, copyright registrations and applications therefor,
unregistered copyrights, the content of all World Wide Web sites of a Person and
all other rights corresponding thereto throughout the world; (e) all mask works,
mask work registrations and applications therefor; (f) all industrial designs
and any registrations and applications therefor; (g) all trade names, corporate
names, logos, trade dress, common law trademarks and service marks, trademark
and service mark registrations and applications therefor and all goodwill
associated therewith; (h) any and all Internet domain names and Web sites
(including all software and applications, and all components and/or modules
thereof), used in connection therewith; and (i) all computer software including
all source code, object code, firmware, development tools, files, records and
data, all media on which any of the foregoing is recorded, and all documentation
related to any of the foregoing.

    

    "Intellectual Property of the
Company" shall mean any Intellectual Property that is owned by the
Company (including Intellectual Property transferred by IMS Holdco to the
Company pursuant to the Conveyance Document), including Registered IP and
Unregistered IP.

    

    "Licensed Intellectual
Property" means any Intellectual Property owned by another Person that is
used by the Company in the operation of the Business, including Off-the-Shelf
Software (as defined below), but excluding rights in or to materials created for
clients, to the extent to which such (x) client is the first owner of copyright
in such materials or (y) the materials are subject to a written assignment of
copyright in favor of clients of the Company.

    
      
         

      

      
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    3.14.2      Representations.  Except
as set forth on Schedule
3.14.2, all of the Intellectual Property of IMS Holdco was transferred to
the Company pursuant to the Conveyance Document. Schedule 3.14.2 hereto
contains an accurate and complete list of all (a) patents, patent applications,
registered trademarks, applications for registered trademarks, registered
service marks, domain names, applications for registered service marks, logos,
registered copyrights and applications for registered copyrights which are owned
by the Company (the "Registered
IP"), (b) all unregistered trademarks, unregistered service marks and
material unregistered copyrights which are owned by the Company (the "Unregistered IP") and (c) all
Licensed Intellectual Property that is material to the operation of the
Business, other than widely distributed off-the-shelf applications subject to
shrink-wrap and similar non-negotiated end-user license agreements ("Off-the-Shelf Software").
Except as set forth on Schedule
3.14.2, the registrations and applications of the Registered IP listed on
Schedule 3.14.2 are in
the name of IMS Holdco, and are valid, in proper form, enforceable and
subsisting, all necessary registration and renewal fees in connection with such
registrations have been made and all necessary documents and certificates in
connection with such registrations have been filed with the relevant patent and
Internet domain names, copyrights and trademark authorities in the United States
or other jurisdictions where the Business is conducted for the purposes of
maintaining such Intellectual Property registrations, and applications therefor,
and no actions (including filing of documents or payments of fees) are due
within ninety (90) days after the Closing.  No registration, or
application therefor, for any of the Registered IP has lapsed, expired, or been
abandoned, and no such registrations, or applications therefor, are the subject
of any opposition, interference, cancellation, or other legal, quasi-legal, or
governmental proceeding pending before any governmental, registration, or other
authority in any jurisdiction.  Except as set forth on Schedule 3.14.2, (i) the
Company is the sole and exclusive owner of all rights, title and interest in and
to the Intellectual Property of the Company, free and clear of all Liens, (ii)
no Person has any rights to use any of the Intellectual Property of the Company,
(iii) neither IMS Holdco nor the Company has granted to any Person, or
authorized any Person to retain, any ownership in the Intellectual Property of
the Company, and (iv) all Licensed Intellectual Property in the Company's
possession or used in the operation of the Business has been properly licensed
from the owner of such Intellectual Property, and the Company possesses all
license agreements, certificates or documentation sufficient to substantiate
such rights, and the Company is in compliance with, and IMS Holdco has not in
the past violated, such license agreements.  Except as set forth on
Schedule 3.14.2, the consummation of the
transactions contemplated hereby will not result in any loss or impairment of
the Company's rights to own or use any Intellectual Property, nor will such
consummation require the consent of any third party in respect of any
Intellectual Property. The operation of the Business and use of all Intellectual
Property therein does not infringe the Intellectual Property of any other
Person. There are no proceedings pending or, to the knowledge of the Principals,
threatened against IMS Holdco or the Company with respect to the Intellectual
Property, or with respect to any other Intellectual Property, alleging the
infringement or misappropriation by IMS Holdco or the Company of any
Intellectual Property of any Person, and neither IMS Holdco nor the Company has
received notice from any Person that the operation of the Business infringes the
Intellectual Property of any Person.  There are no claims pending or,
to the knowledge of the Principals, threatened challenging the validity of any
Intellectual Property of the Company or any Intellectual Property used by the
Company in the conduct of the Business. Neither IMS Holdco nor the Company has
entered into or is otherwise bound by any consent, forbearance or any settlement
agreement which limits the rights of the Company to use the Intellectual
Property of the Company. To the knowledge of the Principals, no Person is
infringing or misappropriating any of the Intellectual Property of the Company.
All Intellectual Property of the Company was either developed (a) by employees
of IMS Holdco within the scope of such employee's employment duties; or (b) by
independent contractors or other third parties who have assigned all of their
rights therein to IMS Holdco pursuant to a written agreement, and all such
employees, independent contractors, and other third parties have waived,
pursuant to a written agreement, their moral rights in all such Intellectual
Property in favor of the Company or IMS Holdco.  Except as set forth
on Schedule 3.14.2, the
Intellectual Property of the Company does not contain any software licensed
under terms which require, as a condition of the use, modification, or
distribution of such software, that other software incorporated into, derived
from, or distributed with such software: (x) be disclosed or distributed in
source code form; (y) be licensed under terms that permit making derivative
works; or (z) be redistributable at no charge to subsequent
licensees.

    
      
         

      

      
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    3.14.3      Privacy and
Security.  All information or data of any kind possessed by the
Company, including but not limited to, personally identifiable information
collected from consumers ("PII"), aggregate or anonymous
information collected from consumers ("Non-PII") and employee data
(collectively, "Data"),
has been collected, by IMS Holdco or the Company, or any other Person, and is
being maintained, stored, processed and used by the Company, in compliance with
all Laws and Orders.  IMS Holdco or the Company has at all times
presented a privacy policy ("Privacy Policy") to consumers
prior to the collection of any PII or Non-PII online.  The Privacy
Policy, and any other representations, marketing materials and advertisements
that address privacy issues and the treatment of PII and Non-PII, accurately and
completely describe IMS Holdco's and the Company's respective information
collection and use practices, and no such notices or disclosures have been
inaccurate, misleading or deceptive.  Neither IMS Holdco nor the
Company has collected or received any PII from children under the age of 13
without verifiable parental consent or directed any of its websites to children
under the age of 13 through which such PII could be obtained.  IMS
Holdco and the Company have stored and maintained all Data in a secure manner,
using commercially reasonable technical measures, to assure the integrity and
security of the Data and to prevent loss, alteration, corruption, misuse and
unauthorized access to such Data.  There has been no unauthorized use,
access to or disclosure of any Data.  Neither IMS Holdco nor the
Company has received any claims, notices or complaints regarding its information
practices or use of Data.  The consummation of the transactions
contemplated hereby will not result in any loss or impairment of the rights to
own and use any Data, nor will such consummation require the consent of any
third party in respect of any Data.

    

    Section
3.15     Compliance
with Laws.  The Company is, and the Business (including the
business conducted by IMS Holdco) has been conducted, in compliance with all
applicable Laws and Orders, except in each case (other than with respect to
compliance with environmental Laws and Orders relating to the regulation or
protection of the environment ("Environmental Laws and
Orders")) where the failure to so comply would not reasonably be expected
to have a Material Adverse Effect (as defined below), including without
limitation: (a) all Laws and Orders promulgated by the Federal Trade Commission
or any other Governmental or Regulatory Authority; (b) all Environmental Laws
and Orders; and (c) all Laws and Orders relating to labor, civil rights, and
occupational safety and health laws, worker's compensation, employment and
wages, hours and vacations, or pay equity. Neither IMS Holdco nor the Company
has been charged with, or, to the knowledge of the Principals, threatened with
or under any investigation with respect to, any charge concerning any violation
of any Laws or Orders. The term "Material Adverse Effect" as it
applies to IMS Holdco or the Company, shall mean a material adverse effect on
its operations, business, prospects, assets or financial condition. The Company
has all permits, licenses, and other government certificates, authorizations and
approvals ("Required
Permits") required by any Governmental or Regulatory Authority for the
operation of the Business, except where the failure to have such Required
Permits would not reasonably be expected to have a Material Adverse
Effect.  All of the Required Permits are in full force and effect and
no action or claim is pending, nor to the knowledge of the Principals,
threatened, to revoke or terminate any such Required Permit or declare any such
Required Permit invalid in any respect.

    
      
         

      

      
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    Section
3.16     Client
Relations.  Schedule 3.16 sets forth (a) the 20
largest clients of IMS Holdco (measured by revenues), and the revenues from each
such client and from all clients (in the aggregate) for the calendar year ended
December 31, 2009 and (b) the clients projected to be the 20 largest clients
(measured by revenues) of the Company based on its current profit plan for the
twelve months ending December 31, 2010, together with the estimated revenues
from each such client and all clients (in the aggregate) for such
period.  IMS Holdco and the Principals represent that the estimated
revenues set forth on Schedule
3.16 were made in good faith and on a reasonable basis.  Except
as set forth on Schedule
3.16, no client of IMS Holdco or the Company has advised IMS Holdco, the
Company or any Principal in writing that it is (x) terminating or considering
terminating the handling of its business by IMS Holdco or the Company or in
respect of any particular product, project or service or (y) planning to reduce
its future spending with IMS Holdco or the Company in any material manner; and
no client has orally advised the Company, IMS Holdco or any Principal of any of
the foregoing events.

    

    Section
3.17     Accounts
Receivable; Work-in-Process; Accounts Payable.  The amount of
all work-in-process, accounts receivable, unbilled invoices (including without
limitation unbilled invoices for services and out-of-pocket expenses) and other
debts due or recorded in the records and books of account of IMS Holdco and
which were transferred to the Company pursuant to the Conveyance Document, as
being due to the Company and reflected on the Balance Sheet and the Closing
Balance Sheet represent or will represent valid obligations arising from sales
actually made or services actually performed in the ordinary course of business
and will be good and collectible in full (less the amount of any provision,
reserve or similar adjustment therefor reflected on the Balance Sheet and the
Closing Balance Sheet) in the ordinary course of business, and none of the
accounts receivable or other debts (or accounts receivable arising from any such
work-in-process or unbilled invoices) is or will be subject to any counterclaim
or set-off except to the extent of any such provision, reserve or
adjustment.  The accounts payable set forth on the Balance Sheet, and
the accounts payable incurred since the Balance Sheet Date through the Closing
Date, represent trade payables resulting from bona fide transactions incurred in
the ordinary course of business. There has been no change since the Balance
Sheet Date in the amount or aging of the work-in-process, accounts receivable,
unbilled invoices, or other debts due to the Company, or the reserves with
respect thereto, or accounts payable of the Company which would have a Material
Adverse Effect.

    

    Section
3.18     Employment
Relations.  (a) No unfair labor practice complaint against IMS
Holdco or the Company is pending before any Governmental or Regulatory
Authority; (b) there is no organized labor strike, dispute, slowdown or stoppage
pending or to the knowledge of the Principals, threatened against or involving
the Business; (c) there are no labor unions representing or, to the knowledge of
the Principals, attempting to represent the employees of IMS Holdco who became
employees of the Company; (d) no claim or grievance nor any arbitration
proceeding arising out of or under any collective bargaining agreement is
pending against any of the Company, IMS Holdco or the Principals and to the
knowledge of the Principals, no such claim or grievance has been threatened; (e)
no collective bargaining agreement is currently being negotiated by IMS Holdco
or the Company; and (f) IMS Holdco did not experience any work stoppage or
similar organized labor dispute during the last three years.  Except
as set forth on Schedule
3.10, there is no legal action, suit, proceeding or claim pending or, to
the knowledge of the Principals, threatened between the Company or IMS Holdco
and any employees or former employees of the Company or IMS Holdco, agents or
former agents of the Company or IMS Holdco, job applicants or any association or
group of any employees of the Company or IMS Holdco, in each case prior to the
transfer of the Business to the Company.

    
      
         

      

      
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    Section
3.19     Employee
Benefit Matters.

    

    3.19.1      List of
Plans.  Schedule 3.8 to this Agreement lists
all employee benefit plans (as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA")) and all bonus,
incentive, deferred compensation, stock option, restricted stock, stock
appreciation rights, phantom stock rights, retiree medical or life insurance,
supplemental retirement, severance or other benefit plans, individual retirement
programs or arrangements, and all termination, severance or other Contracts,
whether covering one Person or more than one Person, and whether or not subject
to any of the provisions of ERISA, which are or have been maintained,
contributed to or sponsored by IMS Holdco or the Company or any ERISA Affiliate
(as defined in Section
3.19.3) for the benefit of any employee of IMS Holdco or the Company
(each item listed on Schedule 3.8 being referred to herein
individually, as a "Plan" and collectively, as the
"Plans").  For
purposes of this Agreement, "foreign benefit plan" means each material plan,
program or agreement contributed to, sponsored or maintained by either IMS
Holdco, the Company or any ERISA Affiliate that is maintained outside of the
United States, or that covers primarily employees residing or working outside of
the United States, and which would be treated as a Plan had it been a material
United States plan, program or agreement.  IMS Holdco has delivered to
the Purchaser, to the extent applicable, a complete and accurate copy of: (a)
each written Plan and descriptions of any unwritten Plan (including all
amendments thereto whether or not such amendments are currently effective); (b)
each summary plan description and all summaries of subsequent material
modifications relating to a Plan; (c) each current trust agreement or other
funding arrangement with respect to each Plan, including insurance contracts;
(d) the most recently filed IRS Form 5500 relating to each Plan, if any; (e) the
most recently received IRS opinion, advisory or determination letter for each
Plan, if any; and (f) the three most recently prepared actuarial reports (if
applicable) and financial statements, if any, in connection with each
Plan.  None of the Principals, IMS Holdco or the Company has made any
commitment, (i) to create or cause to exist any Plan not set forth on Schedule 3.8 or (ii) to
modify, change or terminate any Plan.

    

    3.19.2      Severance.  None
of the Plans, nor, except as set forth on Schedule 3.19.2, any
employment agreement or other Contract to which IMS Holdco or the Company is a
party or bound, (a) provides for the payment of or obligates IMS Holdco or the
Company to pay separation, severance, termination or similar-type benefits to
any Person; or (b) obligates IMS Holdco or the Company to pay separation,
severance, termination or similar-type benefits as a result of any transaction
contemplated by this Agreement or as a result of a "change in control," within
the meaning of such term under Section 280G of the Code, either alone or in
conjunction with any subsequent occurrence.

    
      
         

      

      
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    3.19.3      Multi-Employer
Plans.  None of IMS Holdco, the Company or any ERISA Affiliate
has maintained, contributed to or participated within the preceding three years
in a multi-employer plan (within the meaning of Section 3(37) or 4001(a)(3) of
ERISA) or a multiple employer plan subject to Sections 4063 and 4064 of ERISA,
nor has any obligations or liabilities, including withdrawal, reorganization or
successor liabilities, regarding any such plan. As used herein, the term "ERISA Affiliate" means any
Person that is or has been a member of a controlled group of organizations
(within the meaning of Sections 414(b), (c), (m) or (o) of the Code) of which
IMS Holdco or the Company is a member.

    

    3.19.4      Welfare Benefit
Plans.  Each of IMS Holdco and the Company has expressly
reserved the right, in all Plan documents relating to welfare benefits provided
to employees, former employees, officers, directors and other participants and
beneficiaries, to amend, modify or terminate at any time the Plans which provide
for welfare benefits, and neither IMS Holdco nor any Principal is aware of any
fact, event or condition that could reasonably be expected to restrict or impair
such right. Except as required under Section 601 of ERISA, none of IMS Holdco,
the Company or any ERISA Affiliate has made any promises or commitments to
provide, and is not obligated to provide (i) medical benefits (including without
limitation through insurance) to retirees or former employees of IMS Holdco, the
Company or any ERISA Affiliate or their respective dependants, or (ii) life
insurance or other death benefits to retired employees or former employees of
IMS Holdco, the Company or any ERISA Affiliate or their respective
dependants.

    

    3.19.5      Administrative
Compliance.  Each Plan is now and has been operated in all
material respects in accordance with the requirements of its terms and with all
applicable Laws, including, without limitation, ERISA, the Health Insurance
Portability and Accountability Act of 1996 (as amended by the Health Information
Technology for Economic and Clinical Health Act) and the Code, including,
without limitation, all nondiscrimination and minimum coverage requirements of
Sections 401(a) and 410(b) thereof, the Age Discrimination in Employment Act,
Family and Medical Leave Act, the Americans with Disabilities Act, the Equal Pay
Act, Title VII of the Civil Rights Act of 1964, and the health care continuation
coverage provisions of the Consolidated Omnibus Budget Reconciliation Act of
1985, and the regulations and authorities published thereunder.  Each
of IMS Holdco and the Company has performed all obligations required to be
performed by it under, is not in any respect in default under or in violation
of, and the Principals have no knowledge of any default or violation by any
Person under, any Plan.  Except as set forth on Schedule 3.9, no legal action,
suit, audit, investigation or claim is pending or threatened with respect to any
Plan (other than claims for benefits in the ordinary course), and no fact, event
or condition exists that would be reasonably likely to provide a legal basis for
any such action, suit, audit, investigation or claim.  All reports,
disclosures, notices and filings with respect to such Plans required to be made
to employees, participants, beneficiaries, alternate payees and any Governmental
or Regulatory Authority have been timely made or an extension has been timely
obtained. With respect to any insurance policy providing funding for benefits or
an investment alternative under any Plan, (i) no liability or loss shall be
incurred by the Company or any such Plan in the nature of a retroactive rate
adjustment, loss sharing arrangement or other liability or loss, and (ii) no
insurance company issuing any such policy is in receivership, conservatorship,
liquidation or similar proceeding and, to the knowledge of the Principals, no
such proceedings with respect to any insurer are imminent.

    
      
         

      

      
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    3.19.6      Tax-Qualification.  Each
Plan which is intended to be qualified under Sections 401(a) or 408(k) of the
Code is qualified under Sections 401(a) and 408(k) of the Code (and, if
applicable, complies with the requirements of Section 401(k) of the Code), and
has received a favorable opinion, advisory or determination letter from the IRS
that it is so qualified or is covered by a determination letter issued for
master or prototype plans.  Each trust established in connection with
any Plan which is intended to be exempt from federal income taxation under
Section 501(a) of the Code is exempt under Section 501(a) of the Code; and no
fact or event has occurred or condition exists since the date of such opinion,
advisory or determination letter from the IRS which would be reasonably likely
to adversely affect the qualified status of any such Plan or the exempt status
of any such trust. Each Plan that is a foreign benefit plan which is intended to
be qualified with the appropriate Governmental or Regulatory Authority in the
relevant country has received a favorable determination that it is so qualified,
and each trust established in connection with such foreign benefit plan that is
intended to be exempt from taxation has received a favorable determination that
it is so exempt.

    

    3.19.7      Funding; Excise
Taxes.  There has been no prohibited transaction (within the
meaning of Section 406 of ERISA or Section 4975 of the Code) with respect to any
Plan subject to ERISA.  None of IMS Holdco, the Company or any ERISA
Affiliate has incurred any liability for any excise tax arising under Sections
4971, 4972, 4973, 4974, 4975, 4976, 4977, 4978, 4978B, 4979, 4979A, 4980, 4980B,
4980D or 4980E of the Code or any civil penalty arising under Sections 409,
502(i) or 502(l) of ERISA, and no fact, event or condition exists which could
give rise to any such liability.  None of IMS Holdco, the Company or
any ERISA Affiliate has incurred any liability under, arising out of or by
operation of Section 302(c)(11) or Title IV of ERISA (other than liability for
premiums to the Pension Benefit Guaranty Corporation ("PBGC") arising in the ordinary
course), including, without limitation, any liability in connection with the
termination of any employee benefit plan subject to Title IV of ERISA (a "Title IV Plan"); and, no fact,
event or condition exists which could give rise to any such
liability.  No complete or partial termination has occurred within the
five years preceding the Closing Date with respect to any Plan maintained by IMS
Holdco, the Company or any ERISA Affiliate, and no reportable event (within the
meaning of Section 4043 of ERISA), notice of which has not been waived by the
PBGC, has occurred or is expected to occur with respect to any Plan maintained
by IMS Holdco, the Company or any ERISA Affiliate. The transactions contemplated
by this Agreement and the Conveyance Document will not result in liability to
IMS Holdco, the Company or the Purchaser under Section 4069 of
ERISA.  No Title IV Plan or Plan subject to Section 302 of ERISA
maintained by IMS Holdco, the Company or any ERISA Affiliate had an accumulated
funding deficiency (within the meaning of Section 302 of ERISA or Section 412 of
the Code), whether or not waived, as of the most recently ended plan year of
such Plan.  None of the assets of IMS Holdco, the Company or any ERISA
Affiliate is the subject of any Lien arising under Section 302(f) of ERISA or
Section 412(n) of the Code; none of IMS Holdco, the Company or any ERISA
Affiliate has been required to post any security under Section 307 of ERISA or
Section 401(a) (29) of the Code relating to any Plan; and no fact or event
exists which could give rise to any such Lien or requirement to post any such
security.  As of the Closing Date, no Plan which is a Title IV Plan
will have an "unfunded benefit liability" (within the meaning of Section
4001(a)(18) of ERISA) and no Plan which is subject to Section 302 of ERISA will
have in "accumulated funding deficiency" (within the meaning of Section
302(a)(2) of ERISA).

    
      
         

      

      
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    3.19.8      Tax
Deductions.  All contributions, premiums or payments (including
all employer contributions and, if applicable, employee salary reduction
contributions) required to be made, paid or accrued with respect to any Plan
have been made, paid or accrued on or before their due dates, including
extensions thereof.  All such contributions have been fully deducted
(to the extent deductible by the Company) or in the case of the current year
will be deducted (to the extent deductible by the Company) for income tax
purposes and no such deduction has been challenged or disallowed by any
Governmental or Regulatory Authority, and no fact or event exists which could
give rise to any such challenge or disallowance.

    

    3.19.9      409A.  With
respect to each Plan (and any other arrangement involving the Company) that is a
nonqualified deferred compensation plan, within the meaning of Section 409A of
the Code (a "409A
Plan"), no event has occurred and no condition exists, that could subject
anyone, including any Person, to any tax, fine, penalty or other liability under
Section 409A of the Code ("409A
Liability").   None of the transactions contemplated by
this Agreement could, directly or indirectly, subject anyone or any Person to
any 409A Liability.  Each 409A Plan is and has been operated and
administered in good faith compliance with 409A of the Code, Treasury Notice
2005-1, the Final Treasury Reg. Sections 1.409A-1 through 1.409A-6, and any
subsequent guidance issued thereunder.

    

    Section
3.20     Interests
in Customers, Suppliers, Etc.  Except as set forth on Schedule 3.20, neither the Principals
nor to the knowledge of the Principals (without making any inquiry of any member
of the Related Group, as hereinafter defined), any officer, director, or
employee of IMS Holdco or the Company immediately prior to the Closing Date, any
parent, brother, sister, child or spouse of any such officer, director, key
executive or employee of the Company, IMS Holdco or the Principals
(collectively, the "Related
Group"), or any Person controlled by anyone in the Related
Group:

    

    
      (i)    
owns,
directly or indirectly, any interest in (excepting for ownership, directly or
indirectly, of less than 1/4 of 1% of the issued and outstanding shares of any
class of securities of a publicly held and traded company), or received or has
any right to receive payments from, or is an officer, director, employee, agent
or consultant of, any Person which is, or is engaged in business as, a
competitor, lessor, lessee, supplier, distributor, sales agent, customer or
client of IMS Holdco or the Company;

    

    

    
      (ii)    owns,
directly or indirectly (other than through the ownership of Membership Units),
in whole or in part, any tangible or intangible property (including, but not
limited to Intellectual Property), that the Company used in the conduct of the
Business, other than immaterial personal items owned and used by employees at
their work stations; or

    

    

    
      (iii)   has any
cause of action or other claim whatsoever against, or owes any amount to, IMS
Holdco or the Company, except for claims in the ordinary course of business such
as for accrued vacation pay, accrued benefits under employee benefit plans, and
similar matters and agreements existing as of the Closing
Date.

    

    
      
         

      

      
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    Section
3.21     Bank
Accounts and Powers of Attorney.  Set forth in Schedule 3.21 is an accurate and
complete list showing (a) the name and address of, and account information for,
each bank in which IMS Holdco had immediately prior to the transfer of the
Business to the Company, or the Company has, an account, credit line or safe
deposit box and the names of all Persons authorized to draw thereon or to have
access thereto, and (b) the names of all Persons, if any, holding powers of
attorney from IMS Holdco or the Company and a summary statement of the terms
thereof.

    

    Section
3.22     Compensation
of Employees.

    

    (a)           Schedule 3.22 is an accurate and
complete list showing: (a) the names and positions of all employees and
exclusive consultants of the Company, or IMS Holdco immediately prior to the
transfer of the Business by IMS Holdco to the Company, who are, or were being,
compensated at an annualized rate of $50,000 or more, together with a statement
of the current annual salary, and the annual salary, bonus and incentive
compensation paid or payable with respect to calendar years 2008 and 2009, and a
statement of the projected annual salary, bonus and incentive compensation
payable with respect to the calendar year ended December 31, 2010, and the
material fringe benefits of such employees and exclusive consultants not
generally available to all employees of IMS Holdco or the Company; (b) all bonus
and incentive compensation paid or payable (whether by agreement, custom or
understanding) to any employee of IMS Holdco or the Company not listed in clause
(a) above for services rendered or to be rendered during calendar years 2008 and
2009; (c) the names of all retired employees, if any, of IMS Holdco or the
Company who are receiving or entitled to receive any healthcare or life
insurance benefits or any payments from IMS Holdco or the Company not covered by
any pension plan to which IMS Holdco or the Company is a party, their ages and
current unfunded pension rate, if any; and (d) a description of the current
severance and vacation policy of IMS Holdco and the Company.  Neither
IMS Holdco nor the Company has, because of past practices or previous
commitments with respect to its employees, established any rights on the part of
any of its employees to additional compensation with respect to any period after
the Effective Date (other than wage increases in the ordinary course of
business).  Each of IMS Holdco and the Company has properly classified
and compensated all employees and consultants in accordance with all applicable
Laws and Orders of any Governmental and Regulatory Authority.

    

    (b)           Except
as set forth on Schedule
3.3, the Principals have not agreed or made any written or verbal
commitment to give any employee of IMS Holdco or the Company (or any family
member or any affiliate of the employee of IMS Holdco or the Company) any
portion or share of the Purchase Price in the form of a bonus, gift, award, or
any similar type of remuneration.  The Principals agree that, from and
after the Effective Date, no portion or proceeds of the Purchase Price shall be
used to compensate or give to any employee of IMS Holdco or the Company (or any
family member of any employee of IMS Holdco or the Company) a bonus, gift,
award, or any similar type of remuneration.

    
      
         

      

      
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    Section
3.23     No
Changes Since the Balance Sheet Date.  From the Balance Sheet
Date through the Closing Date, except as specifically stated on Schedule 3.23, neither IMS Holdco nor
the Company (i) incurred any liability or obligation of any nature (whether
accrued, absolute, contingent or otherwise), except in the ordinary course of
business, (ii) permitted any of its assets to be subjected to any Lien,
(iii) sold, transferred or otherwise disposed of any assets except in the
ordinary course of business, (iv) made any capital expenditure or
commitment therefor which individually or in the aggregate exceeded $25,000; (v)
made any distributions or dividend payments on any shares of its capital stock
or equity participation rights, or redeemed, purchased or otherwise acquired any
units of Membership Interest, or any option, warrant or other right to purchase
or acquire any units of Membership Interest or equity participation rights of
IMS Holdco or the Company, (vi) made any bonus or profit sharing
distribution, (vii) increased or prepaid its indebtedness for borrowed
money, except current borrowings under credit lines listed on Schedule 3.8, or made any loan to any
Person other than to any employee for normal travel and expense advances, (viii)
wrote down the value of any work-in-process, or wrote off as uncollectible any
notes or accounts receivable, except write-downs and write-offs in the ordinary
course of business, none of which individually or in the aggregate, were
material to IMS Holdco or the Company, (ix) granted any increase in the rate of
wages, salaries, bonuses or other remuneration of any employee who, whether as a
result of such increase or prior thereto, received aggregate compensation from
IMS Holdco or the Company at an annual rate of $100,000 or more, or except in
the ordinary course of business to any other employees, (x) entered into any
employment or exclusive consulting agreement which is not cancelable by IMS
Holdco or the Company (and will not be cancelable by the Company) without
penalty or other financial obligation within 30 days, (xi) canceled or waived
any claims or rights of material value, (xii) made any change in any method of
accounting procedures, (xiii) otherwise conducted IMS Holdco's business or
the Business or entered into any transaction, except in the usual and ordinary
manner and in the ordinary course of its business, (xiv) amended or terminated
any agreement which is material to their businesses, (xv) renewed, extended or
modified any lease of real property or any lease of personal property, except in
the ordinary course of business, or (xvi) agreed, whether or not in
writing, to do any of the actions set forth in any of the above
clauses.

    

    Section
3.24     Corporate
Controls.  To the knowledge of the Principals, no officer,
authorized agent, employee, consultant or any other Person while acting on
behalf of IMS Holdco or the Company, has, directly or indirectly: used any
corporate fund for unlawful contributions, gifts, or other unlawful expenses
relating to political activity; made any unlawful payment to foreign or domestic
government officials or employees or to foreign or domestic political parties or
campaigns from corporate funds; established or maintained any unlawful or
unrecorded fund of corporate monies or other assets; made any false or
fictitious entry on its books or records; participated in any racketeering
activity; or made any bribe, rebate, payoff, influence payment, kickback, or
other unlawful payment, or other payment of a similar or comparable nature, to
any Person, private or public, regardless of form, whether in money, property,
or services, to obtain favorable treatment in securing business or to obtain
special concessions, or to pay for favorable treatment for business secured or
for special concessions already obtained, and neither IMS Holdco nor the Company
have participated in any illegal boycott or other similar illegal practices
affecting any of its actual or potential customers.

    

    Section
3.25     Brokers.  Except
as set forth on Schedule 3.25, no broker, finder, agent
or similar intermediary has acted on behalf of the Principals, IMS Holdco or the
Company in connection with this Agreement or the transactions contemplated
hereby, and no brokerage commissions, finder's fees, consulting fees or similar
fees or commissions are payable by IMS Holdco, the Company or the Principals in
connection therewith based on any agreement, arrangement or understanding with
any of them.

    
      
         

      

      
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    Section
3.26     Repayment
of Loans.  All (i) intercompany indebtedness and (ii)
indebtedness of the Principals to IMS Holdco or the Company has been repaid in
full, other than routine travel expense advances in the ordinary course of
business and consistent in amount with past practice.

    

    Section
3.27     Copies of
Documents.  The Principals have caused to be made available for
inspection and copying by the Purchaser and its advisers, true, complete and
correct copies of all documents referred to in this Article III or in any
Schedule.  Summaries of all oral contracts contained on Schedule 3.8 are complete and accurate
in all material respects.

    

    ARTICLE
IV

    REPRESENTATIONS OF THE
PURCHASER

    

    The Purchaser represents, warrants and
agrees to and with IMS Holdco and the Principals as follows:

    

    Section
4.1       Existence
and Good Standing.  The Purchaser is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware with full corporate power and authority to own its property and to
carry on its business all as and in the places where such properties are now
owned or operated or such business is now being conducted.

    

    Section
4.2       Execution
and Validity of Agreement.  The Purchaser has the full
corporate power and authority to make, execute, deliver and perform this
Agreement and the transactions contemplated hereby.  The execution and
delivery of this Agreement by the Purchaser and the consummation of the
transactions contemplated hereby have been duly authorized by all required
corporate action on behalf of the Purchaser.  This Agreement has been
duly and validly executed and delivered by the Purchaser and, assuming due
authorization, execution and delivery by IMS Holdco and the Principals,
constitutes the legal, valid and binding obligation of the Purchaser,
enforceable against it in accordance with its terms.

    

    Section
4.3       Litigation.  There
is no action, suit, proceeding at law or in equity by any Person, or any
arbitration or any administrative or other proceeding by or before (or to the
knowledge of the Purchaser, any investigation by), any Governmental or
Regulatory Authority pending or, to the knowledge of the Purchaser, threatened
against the Purchaser or any of their respective properties or rights with
respect to this Agreement.  The Purchaser is not subject to any Order
entered in any lawsuit or proceeding with respect to this Agreement or the
transactions contemplated hereby.

    
      
         

      

      
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    Section
4.4       Non-Contravention;
Approvals and Consents.  The execution, delivery and
performance by the Purchaser of its obligations hereunder and the consummation
of the transactions contemplated hereby will not (a) violate, conflict with or
result in the breach of any provision of the certificate of incorporation and
bylaws of the Purchaser, (b) result in the violation by the Purchaser of any
Laws or Orders of any Governmental or Regulatory Authority applicable to the
Purchaser or any of its assets or properties, or (c) result in a violation or
breach of, constitute (with or without notice or lapse of time or both) a
default under, or require the Purchaser to obtain any consent, approval or
action of, make any filing with or give any notice to, or result in or give to
any Person any right of payment or reimbursement, termination, cancellation,
modification or acceleration of, or, except for such Liens as may be created in
connection with an MDC Financing (as defined in Section 6.1 hereof),
result in the creation or imposition of any Lien upon any of the respective
assets or properties of the Purchaser, under any of the terms, conditions or
provisions of any Contract to which the Purchaser is a party or by which the
Purchaser or any of its assets or properties are bound. No consent, approval or
action of, filing with or notice to any Governmental or Regulatory Authority or
other Person is necessary or required under any of the terms, conditions or
provisions of any Law or Order of any Governmental or Regulatory Authority or
any Contract to which the Purchaser is a party or by which the Purchaser or any
of its assets or properties are bound for the execution and delivery of this
Agreement by the Purchaser, the performance by the Purchaser of its obligations
hereunder or the consummation by the Purchaser of the transactions contemplated
hereby

    

    Section
4.5       Brokers.  No
broker, finder, agent or similar intermediary has acted on behalf of the
Purchaser in connection with this Agreement or the transactions contemplated
hereby, and no brokerage commissions, finder's fees or similar fees or
commissions are payable by the Purchaser in connection therewith based on any
agreement, arrangement or understanding with either of them.

    

    ARTICLE
V

    ACTIONS AT
CLOSING

    

    Simultaneously
herewith:

    

    Section 5.1       Certified
Resolutions.  Each of IMS Holdco and the Company shall have
delivered to the Purchaser a copy of the resolutions of its Members and Board of
Managers, respectively, authorizing the execution, delivery and performance of
this Agreement, the Operating Agreement and the Conveyance Document and the
transactions contemplated hereby and thereby, as applicable, certified by one of
its officers.

    

    Section 5.2       Required
Approvals and Consents.  The Company and the Principals shall
have obtained or given, at no expense to the Purchaser or MDC Partners, and
there shall not have been withdrawn or modified, any consents or approvals or
other actions listed on Schedule 3.9 hereof (including
without limitation, obtaining all such consents, approvals and/or waivers
required under the Contracts listed on Schedule 3.8).  Each such
consent or approval shall be in form reasonably satisfactory to counsel for the
Purchaser.

    

    Section
5.3       Operating
Agreement.  The Company and IMS Holdco shall have entered into
the Operating Agreement, together with the Purchaser.

    

    Section 5.4       Employment
Agreements. The Principals shall have entered into Employment Agreements
with the Company substantially in the form and to the effect of Exhibit C
hereto.

    
      
         

      

      
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    Section
5.5       Non-Competition/Non-Solicitation/Non-Servicing
Agreements.  The Principals and Dawn Du Mont shall have entered
into Non-Competition/Non-Solicitation/Non-Servicing Agreements with the
Purchaser and the Company in the form and to the effect of Exhibits D-1 and D-2 hereto.

    

    Section
5.6       Conveyance
Document. IMS Holdco and the
Company shall have entered into the Conveyance Document.

    

    Section
5.7      Proceedings.
All proceedings to be taken in connection with the transactions contemplated by
this Agreement, the Conveyance Document and all documents incident thereto must
be reasonably satisfactory in form and substance to the Purchaser and its
counsel, and the Purchaser shall have received copies of all such documents and
other evidences as it or its counsel reasonably requested in order to establish
the consummation of such transactions and the taking of all proceedings in
connection therewith.

    

    ARTICLE
VI

    OTHER
AGREEMENTS

    

    Section
6.1       Management
of the Company. 

    

    6.1.1        MDC
Financing.  Notwithstanding anything to the contrary contained
in this Agreement, in consideration for the payment of the Purchase Price under
Section 2.1
hereof and for other good and valuable consideration, the parties hereto hereby
(i) agree that MDC Partners and/or one or more of its affiliates, in connection
with its or any of its affiliates' current or future credit facilities, debt
offerings (including, without limitation, senior, subordinated or mezzanine debt
issued in a public offering or a Regulation S or Rule 144A private placement) or
any other debt agreements, shall be entitled to: (w) pledge or grant a security
interest in or otherwise have a lien placed upon the Purchaser's Membership
Units; (x) pledge or grant a security interest in or to otherwise have a lien
placed upon the assets and properties of the Company and/or its subsidiaries;
(y) assign all of its rights, benefit, title and interest in the Company and
distributions therefrom, including, without limitation, all rights and claims
pursuant to and under the Call and/or Sale Request (as such terms are defined in
the Operating Agreement) to or to an agent or representative on behalf of, its
bank or lender or group of banks or group of lenders from time to time (as
applicable and collectively, the "Lender"); and (z) have the
Company provide guarantees and such other ancillary security and related
documentation as reasonably required by the Lender from time to time (the items
in (w), (x), (y) and (z) being collectively referred to as an "MDC Financing"); and (ii)
consent unconditionally to (x) the granting of all security and the execution of
all documents required in connection with an MDC Financing and the enforcement
thereof, where applicable, by the Lender; and (y) any transaction by which the
Lender becomes the absolute legal and beneficial owner of any Membership Units
which have been pledged or assigned to it.

    
      
         

      

      
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    6.1.2        Effect of Events During
Period Membership Units Are Outstanding.  The parties hereto
understand and agree that under the terms of the Employment Agreements referred
to in Section
5.4, the Principals may be terminated for "cause" or "without cause" (as
such terms are defined in such Employment Agreements).  In the event a
Principal ceases to be employed by the Company, regardless of the reason
therefor, such event shall not affect IMS Holdco's right to receive the Purchase
Price under this Agreement.  Each of the parties hereto agrees that if
(a) a Principal ceases to be an employee of the Company during the period
commencing as of Effective Date through the end of the last year included in the
Measuring Period (as defined in the Operating Agreement) with respect to the
exercise of a Call or Sale Request resulting in IMS Holdco no longer owing any
Class B Units, regardless of the reason therefor, or (b) there are changes in
the composition of the Board of Managers of the Company or any of its
subsidiaries, if any, no party to this Agreement or any Person claiming a right
through such party shall have the right to make a claim that such cessation of
employment or change in the composition of the Board of Managers of the Company
or any subsidiary, if any (x) constitutes a breach by the Purchaser or any of
its affiliates of this Agreement, (y) resulted in an adverse effect on the
Purchase Price hereunder forming the basis for a claim against the Purchaser or
any of its affiliates, or (z) constitutes an event forming the basis for such
party to dispute any calculation required to be made pursuant to the accounting
procedures set forth in Section 2.1.3
hereof.

    

    Section
6.2       Tax
Matters.

    

    6.2.1        Allocation.  The
Principals, IMS Holdco and the Purchaser agree (i) to report for federal, state
and local income tax purposes, the transactions contemplated by this Agreement
in accordance with Situation 1 of Revenue Ruling 99-5, 1999-1 C.B. 434, and (ii)
shall not take, or permit any of its Affiliates to take, a position inconsistent
with such treatment unless otherwise required by Law.  The Purchaser
shall prepare an allocation of the Purchase Price (and of other capitalized
costs) among the assets of the Company.  The Company, the Purchaser,
each member of the Company and the Principals shall report, act and file all Tax
returns (including, but not limited to, Internal Revenue Service form 8594) in
all respects and for all purposes consistent with such allocation prepared by
the Purchaser and agreed to by IMS Holdco.  IMS Holdco and/or the
Principals shall timely and properly prepare, execute, file and deliver all such
documents, forms and other information as the Purchaser may reasonably request
to prepare such allocation.  None of the Company, any member of the
Company, or the Principals shall take any position (whether in audits, tax
returns, or otherwise) that is inconsistent with such allocation unless required
to do so by applicable law.

    

    6.2.2        Tax
Returns.  The parties hereto acknowledge and agree that the
Company shall prepare or cause to be prepared and file or cause to be filed all
Tax returns for the Company except as otherwise specifically provided herein or
in the Operating Agreement.  The Company shall permit the Purchaser to
review and comment on each such Tax return described in the preceding sentence
prior to filing.

    
      
         

      

      
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    6.2.3        Tax
Cooperation.  The Purchaser, IMS Holdco and the Principals
shall cooperate fully, and each shall cause the Company to cooperate fully, as
and to the extent reasonably requested by the other party, in connection with
the filing of Tax returns pursuant to Section 6.2.2 or any
other Tax returns relating to the operations of IMS Holdco or the Company, and
any audit, litigation or other proceeding with respect to Taxes.  Such
cooperation shall include IMS Holdco's retention and (upon the other party's
request) the provision of records and information which are reasonably relevant
to any such audit, litigation or other proceeding and making employees available
on a mutually convenient basis to provide additional information and explanation
of any material provided hereunder.  The Purchaser, the Principals and
IMS Holdco agree to, and each agree to cause the Company to, (A) retain all
books and records with respect to Tax matters pertinent to IMS Holdco and
Company relating to any taxable period beginning before the Effective Date until
the expiration of the statute of limitations (and, to the extent notified by the
Purchaser, any extensions thereof) of the respective taxable periods, and to
abide by all record retention agreements entered into with any taxing authority,
and (B) give the other party reasonable written notice prior to transferring,
destroying or discarding any such books and records and, if the other party so
requests, IMS Holdco or the Purchaser, as the case may be, shall allow the other
party to take possession of such books and records.

    

    6.2.4        Tax
Liability.  To the extent that any of the transactions
contemplated by the Conveyance Document give rise to sales and/or use tax
liability or other transfer, purchase, stamp or recordation documentary tax and
fees (collectively, "Sales
Taxes"), the Purchaser shall promptly pay such Sales Taxes to the
appropriate tax authorities.  IMS Holdco shall cause the Company to
deliver to the Purchaser completed returns in respect of any Sales Taxes
required to be filed with respect to the transactions contemplated herein
(regardless of whether such returns are informational or show liability for
Sales Taxes) for filing with the appropriate taxing authority.  The
Purchaser and IMS Holdco hereby waive compliance with the bulk sales laws of any
applicable jurisdiction, and IMS Holdco and the Principals hereby agree to
indemnify and hold harmless the Purchaser and its Affiliates from and against
any claims arising out of or due to the failure to comply with such bulk sales
laws.

    

    Section
6.3       Equity
Securities of IMS Holdco. 

    

    (a)           As
long as IMS Holdco beneficially owns any equity interests in the Company, no
Principal shall sell or in any other way transfer, assign, distribute, pledge,
encumber or otherwise dispose of (a "Transfer") any IMS Holdco
Interests (as defined below) without the prior written consent of the Purchaser,
except with respect to a Transfer of IMS Holdco Interests pursuant to Section
10.2(c) of the Operating Agreement; provided, however, in the event
a Principal desires to Transfer, for estate planning purposes, IMS Holdco
Interests to a Family Member (as hereinafter defined) of such Principal, the
prior written consent of the Purchaser shall not be unreasonably delayed or
withheld.  As used herein, the term "Family Member" of any
Principal shall mean (i) the spouse and lineal descendants of such Principal,
(ii) the spouses of any such descendants, (ii) the legal representatives of any
Person that falls within clause (i) or (ii) hereof, and (iii) the trustee of any
trust of which any of the Persons falling with clause (i) or (ii) shall be the
only beneficiaries entitled to the income or principal.

     

    
      
        
        

      

      
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    (b)           From
and after the Closing, IMS Holdco covenants and agrees that it shall not,
directly or indirectly (i) authorize, create, issue, amend or modify any equity
interests (whether common or preferred), subscriptions, options, warrants,
rights (including "phantom equity rights"), calls, commitments, understandings,
conversion rights, rights of exchange, plans or other agreements of any kind,
providing for the purchase, issuance or sale of any membership interests,
profits interests, capital interests or equity interests of any kind in IMS
Holdco (the "IMS Holdco
Interests"); or (ii) provide compensation to any employee of the Company
or any subsidiary, if any, except to the extent such employee was entitled or
eligible to receive such compensation at the time of, and as a result of, the
Closing.  IMS Holdco further covenants and agrees that it shall not,
directly or indirectly modify or amend IMS Holdco's Second Amended and Restated
Operating Agreement (as amended through the Effective Date) dated February 2007,
a copy of which is attached hereto as Exhibit E (the "IMS Holdco Operating
Agreement").  Notwithstanding anything contained in this Section 6.3(b) to the
contrary, the Principals shall be entitled to amend the IMS Holdco Operating
Agreement and such amendment shall not be deemed to be in violation of this
Section 6.3(b),
so long as such amendment only results in a modification with respect to the IMS
Holdco Interests owned by the Principals, and does not result in the issuance of
any IMS Holdco Interests to any Person other than the Principals.

    
 

    Section
6.4       Change of
Name; Post-Closing Dissolutions.  At the Closing or a soon as
practicable after the Closing Date, IMS Holdco shall execute appropriate
documents to change its name to a name dissimilar to "Integrated Media Solutions",
and promptly thereafter shall file any necessary documents to reflect the name
change with the New York Secretary of State and the appropriate authorities in
the other states in which it is qualified to do business.  As soon as
practicable after the Closing Date, IMS Holdco shall execute appropriate
documents to dissolve each of the Retained Subsidiaries, and promptly thereafter
shall file any necessary documents to reflect such dissolutions with the New
York Secretary of State and the appropriate authorities in the other states in
which the Retained Subsidiaries are qualified to do business.

    

    ARTICLE
VII

    SURVIVAL;
INDEMNITY

    

    Section
7.1       Survival.   Notwithstanding
any right of any party hereto fully to investigate the affairs of any other
party, and notwithstanding any knowledge of facts determined or determinable
pursuant to such investigation or right of investigation, each party hereto
shall have the right to rely fully upon the representations, warranties,
covenants and agreements of the other parties contained in this Agreement and
the Schedules, if any, furnished by any other party pursuant to this Agreement,
or in any certificate or document delivered at the Closing by any other
party.  Subject to the limitations set forth in Section 7.6, the
respective representations, warranties, covenants and agreements of IMS Holdco,
the Principals and the Purchaser contained in this Agreement shall survive the
Closing.

     

    
      
        
        

      

      
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    Section
7.2       Obligation
of IMS Holdco and the Principals to Indemnify.

     

    7.2.1        General
Indemnity.  Subject to the limitations contained in Sections 7.6.1 and
7.6.2, IMS
Holdco and the Principals hereby agree, jointly and severally, to indemnify the
Purchaser and its affiliates, stockholders, officers, directors, employees,
agents, representatives and successors, permitted assignees of the Purchaser and
their affiliates (individually, a "Purchaser Indemnified Party"
and collectively, the "Purchaser Indemnified
Parties") against, and to protect, save and keep harmless the Purchaser
Indemnified Parties from, and to pay on behalf of or reimburse the Purchaser
Indemnified Parties as and when incurred for, any and all liabilities (including
liabilities for Taxes), obligations, losses, damages, penalties, demands,
claims, actions, suits, judgments, settlements, penalties, interest,
out-of-pocket costs, expenses and disbursements (including reasonable costs of
investigation, and reasonable attorneys', accountants' and expert witnesses'
fees) of whatever kind and nature (collectively, "Losses"), that may be imposed
on or incurred by any Purchaser Indemnified Party as a consequence of, in
connection with, incident to, resulting from or arising out of or in any way
related to or by virtue of: (a) any misrepresentation, inaccuracy or breach of
any warranty or representation contained in Article III.B hereof or in any
certificate delivered by IMS Holdco or the Principals at the Closing or
otherwise in connection herewith; (b) any action, demand, proceeding,
investigation or claim by any third party (including any Governmental or
Regulatory Authority) against or affecting any Purchaser Indemnified Party which
may give rise to or evidence the existence of or relate to a misrepresentation
or breach of any of the representations and warranties of IMS Holdco and the
Principals contained in Article III.B hereof or in any certificate delivered by
IMS Holdco and the Principals at the Closing or otherwise in connection
herewith; (c) any breach or failure by IMS Holdco or any Principal to comply
with, perform or discharge any obligation, agreement or covenant by IMS Holdco
and the Principals contained in this Agreement; (d) any liability or obligation
or any assertion against any Purchaser Indemnified Party, arising out of or
relating, directly or indirectly, to any Excluded Asset or any Retained
Liability (as such terms are defined in the Conveyance Document) or other
liability arising, in whole or in part, out of the conduct of the business of
IMS Holdco, the Company or any of its subsidiaries, if any, prior to the Closing
except for the Assumed Liabilities (as such term is defined in the Conveyance
Document); (e) any litigation or claim disclosed on Schedule 3.10 to this
Agreement; (f) any liability or obligation arising out of or relating, directly
or indirectly, to the classification of any individual performing services for
IMS Holdco (i) as an independent contractor, (ii) as a freelancer, (iii) as a
consultant or (iv) in any other capacity other than as an employee; (g) any
liability or obligation arising out of or relating, directly or indirectly, to
any violation by IMS Holdco, on or prior to the Closing, of the Fair Labor
Standards Act or any similar state or local wage and hour Law, Order,
ordinance or regulation; and (h) any liability or obligation in connection
with that certain Consulting Agreement by and among the Principals, Dawn Du Mont
and IMS Holdco dated March 23, 2009.

    

    7.2.2        Special
Indemnity.  Subject to the limitations contained in Sections 7.6.1 and
7.6.2, each of
the Principals hereby severally agrees to indemnify the Purchaser Indemnified
Parties against, and to protect, save and keep harmless the Purchaser
Indemnified Parties from, and to assume liability for, the payment of all Losses
that may be imposed on or incurred by any Purchaser Indemnified Party as a
consequence of or in connection with, incident to, resulting from or arising out
of or in any way related to or by virtue of: (a) any misrepresentation,
inaccuracy or breach of a representation or warranty by such Principal contained
in Article III.A hereof; or (b) any action, demand, proceeding, investigation or
claim by any third party (including any Governmental or Regulatory Authority)
against or affecting the Purchaser Indemnified Party which may give rise to or
evidence the existence of or relate to a misrepresentation or breach of any of
the representations and warranties of such Principal contained in Article III.A
hereof or in any certificate delivered by such Principal at the Closing or
otherwise in connection herewith.  Any claim for indemnity made under
this Section
7.2.2 shall not be construed as a claim under Section 7.2.1 hereof
even if the Purchaser Indemnified Party could have made a claim under Section 7.2.1 hereof
in respect of the same matters.

    

    7.2.3        "Losses".  The
term "Losses" as used in
this Article VII is not limited to matters asserted by third parties against any
Purchaser Indemnified Party but includes Losses incurred or sustained by a
Purchaser Indemnified Party in the absence of Third Party Claims (as defined in
Section 7.4.2
hereof).

     

    
      
        
        

      

      
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    Section
7.3       Obligation
of the Purchaser to Indemnify.   Subject to the
limitations set forth in Section 7.6.3 hereof,
the Purchaser hereby agrees to indemnify IMS Holdco and the Principals
(individually an "IMS Holdco
Indemnified Party" and collectively, the "IMS Holdco Indemnified
Parties") against, and to protect,
save and keep harmless the IMS Holdco Indemnified Parties from, and to pay on
behalf of or reimburse the IMS Holdco Indemnified Parties as and when incurred
for, any and all Losses that may be imposed on or incurred by the IMS Holdco
Indemnified Parties as a consequence of, in connection with, incident to,
resulting from or arising out of or in any way related to or by virtue of: (a)
any misrepresentation, inaccuracy or breach of any warranty or representation of
the Purchaser contained in Article IV hereof or in any certificate delivered by
the Purchaser at the Closing; or (b) any action, demand, proceeding,
investigation or claim by any third party (including any Governmental or
Regulatory Authority) against or affecting any IMS Holdco Indemnified Party
which may give rise to or evidence the existence of or relate to a
misrepresentation or breach of any of the representations and warranties of the
Purchaser contained in Article IV hereof or in any certificate delivered by the
Purchaser at the Closing; or (c) any breach or failure by the Purchaser to
comply with, perform or discharge any obligation, agreement or covenant by the
Purchaser contained in this Agreement.

    

    Section 7.4       Indemnification
Procedures. 

    

    7.4.1        Non-Third Party
Claims.

    

    (a)           In
the event that any Person entitled to indemnification under this Agreement (an
"Indemnified Party")
asserts a claim for indemnification which does not involve a Third Party Claim
(as defined in Section
7.4.2) (a "Non-Third
Party Claim"), against which a Person is required to provide
indemnification under this Agreement (an "Indemnifying Party"), the
Indemnified Party shall give written notice to the Indemnifying Party (the
"Non-Third Party Claim
Notice"), which Non-Third Party Claim Notice shall (i) describe the claim
in reasonable detail, and (ii) indicate the amount (estimated, if necessary, and
to the extent feasible) of the Losses that have been or may be suffered by the
Indemnified Party.

    

    (b)           The
Indemnifying Party may acknowledge and agree by written notice (the "Non-Third Party Acknowledgement of
Liability") to the Indemnified Party to satisfy the Non-Third Party Claim
within 30 days of receipt of the Non-Third Party Claim Notice.  In the
event that the Indemnifying Party disputes the Non-Third Party Claim, the
Indemnifying Party shall provide written notice of such dispute (the "Non-Third Party Dispute
Notice") to the Indemnified Party within 30 days of receipt of the
Non-Third Party Claim Notice (the "Non-Third Party Dispute
Period"), setting forth a reasonable basis of such dispute.  In
the event that the Indemnifying Party shall fail to deliver the Non-Third Party
Acknowledgement of Liability or Non-Third Party Dispute Notice within the
Non-Third Party Dispute Period, the Indemnifying Party shall be deemed to have
acknowledged and agreed to pay the Non-Third Party Claim in full and to have
waived any right to dispute the Non-Third Party Claim.  Once the
Indemnifying Party has acknowledged and agreed to pay any Non-Third Party Claim
pursuant to this Section 7.4.1, or
once any dispute under this Section 7.4.1 has
been finally resolved in favor of indemnification by a court or other tribunal
of competent jurisdiction, subject to the provisions of Section 7.6.1, the
Indemnifying Party shall pay the amount of such Non-Third Party Claim to the
Indemnified Party within 10 days of the date of acknowledgement or resolution,
as the case may be, to such account and in such manner as is designated in
writing by the Indemnified Party.

     

    
      
        
        

      

      
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    7.4.2        Third-Party
Claims.

    

    (a)           In
the event that any Indemnified Party asserts a claim for indemnification or
receives notice of the assertion of any claim or of the commencement of any
action or proceeding by any Person who is not a party to this Agreement or an
affiliate of a party to this Agreement in respect of which such Indemnified
Party is entitled to indemnification by an Indemnifying Party under this
Agreement (a "Third Party
Claim"), the Indemnified Party shall give written notice to the
Indemnifying Party (the "Third
Party Claims Notice") within 20 days after asserting or learning of such
Third Party Claim (or within such shorter time as may be necessary to give the
Indemnifying Party a reasonable opportunity to respond to such claim), together
with a statement specifying the basis of such Third Party Claim.  The
Third Party Claim Notice shall (i) describe the claim in reasonable detail, and
(ii) indicate the amount (estimated, if necessary, and to the extent feasible)
of the Losses that have been or may be suffered by the Indemnified Party. The
Indemnifying Party must provide written notice to the Indemnified Party that it
is either (i) assuming responsibility for the Third Party Claim or (ii)
disputing the claim for indemnification against it (the "Indemnification
Notice").  The Indemnification Notice must be provided by the
Indemnifying Party to the Indemnified Party within 15 days after receipt of the
Third Party Claims Notice or within such shorter time as may be necessary to
give the Indemnified Party a reasonable opportunity to respond to such Third
Party Claim (the "Indemnification Notice
Period").

    

    (b)           If
the Indemnifying Party provides an Indemnification Notice to the Indemnified
Party within the Indemnification Notice Period that it assumes responsibility
for the Third Party Claim (the "Defense Notice"), the
Indemnifying Party shall conduct at its expense the defense against such Third
Party Claim in its own name, or if necessary in the name of the Indemnified
Party.  The Defense Notice shall specify the counsel the Indemnifying
Party will appoint to defend such claim ("Defense Counsel"); provided, however, that the
Indemnified Party shall have the right to approve the Defense Counsel, which
approval shall not be unreasonably withheld or delayed.  In the event
that the Indemnifying Party fails to give the Indemnification Notice within the
Indemnification Notice Period, the Indemnified Party shall have the right to
conduct the defense and to compromise and settle such Third Party Claim without
the prior consent of the Indemnifying Party and subject to the provisions of
Section 7.6.1,
the Indemnifying Party will be liable for all costs, expenses, settlement
amounts or other Losses paid or incurred in connection therewith.

    

    (c)           In
the event that the Indemnifying Party provides in the Indemnification Notice
that it disputes the claim for indemnification against it, the Indemnified Party
shall have the right to conduct the defense and to compromise and settle such
Third Party Claim, without the prior consent of the Indemnifying Party. Once
such dispute has been finally resolved in favor of indemnification by a court or
other tribunal of competent jurisdiction or by mutual agreement of the
Indemnified Party and Indemnifying Party, subject to the provisions of Section 7.6.1, the
Indemnifying Party shall within 10 days of the date of such resolution or
agreement, pay to the Indemnified Party all Losses paid or incurred by the
Indemnified Party in connection therewith.

     

    
      
        
        

      

      
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    (d)           In
the event that the Indemnifying Party delivers an Indemnification Notice
pursuant to which it elects to conduct the defense of the Third Party Claim, the
Indemnifying Party shall be entitled to have the exclusive control over the
defense of the Third Party Claim and the Indemnified Party will cooperate in
good faith with and make available to the Indemnifying Party such assistance and
materials as it may reasonably request, all at the expense of the Indemnifying
Party.  The Indemnified Party shall have the right at its expense to
participate in the defense assisted by counsel of its own
choosing.  The Indemnifying Party will not settle the Third Party
Claim or cease to defend against any Third Party Claim as to which it has
delivered an Indemnification Notice (as to which it has assumed responsibility
for the Third Party Claim), without the prior written consent of the Indemnified
Party, which consent will not be unreasonably withheld or delayed; provided, however, such consent
may be withheld if, among other reasons, as a result of such settlement or
cessation of defense, (i) injunctive relief or specific performance would be
imposed against the Indemnified Party, or (ii) such settlement or cessation
would lead to liability or create any financial or other obligation on the part
of the Indemnified Party for which the Indemnified Party is not entitled to
indemnification hereunder.

    

    (e)           If
an Indemnified Party refuses to consent to a bona fide offer of settlement which
the Indemnifying Party wishes to accept, which provides for a full release of
the Indemnified Party and its affiliates relating to the Third Party Claims
underlying the offer of settlement and solely for a monetary payment, the
Indemnified Party may continue to pursue such matter, free of any participation
by the Indemnifying Party, at the sole expense of the Indemnified Party. In such
an event, the obligation of the Indemnifying Party shall be limited to the
amount of the offer of settlement which the Indemnified Party refused to accept
plus the reasonable costs and expenses of the Indemnified Party incurred prior
to the date the Indemnifying Party notified the Indemnified Party of the offer
of settlement.

    

    (f)           Notwithstanding
clause (d) above, the Indemnifying Party shall not be entitled to control, but
may participate in, and the Indemnified Party shall be entitled to have sole
control over, the defense or settlement of (x) that part of any Third Party
Claim that (i) seeks a temporary restraining order, a preliminary or permanent
injunction or specific performance against the Indemnified Party, (ii) involves
criminal allegations against the Indemnified Party or (iii) may lead to
liability or create any financial or other obligation on the part of the
Indemnified Party for which the Indemnified Party is not entitled to
indemnification hereunder and (y) the entire Third Party Claim if such Third
Party Claim would impose liability on the part of the Indemnified Party in an
amount which is greater than the amount as to which the Indemnified Party is
entitled to indemnification under this Agreement.

    

    (g)           A
failure by an Indemnified Party to give timely, complete or accurate notice as
provided in this Section 7.4 will not
affect the rights or obligations of any party hereunder except and only to the
extent that, as a result of such failure, any party entitled to receive such
notice was deprived of its right to recover any payment under its applicable
insurance coverage or was otherwise directly and materially damaged as a result
of such failure to give timely notice.

     

    
      
        
        

      

      
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    Section
7.5       Right of
Offset.   Without limiting any other rights or remedies
available to it, the Purchaser shall be entitled, subject to the limitations in
Section 7.6, to
offset any claim for indemnity made pursuant to Section 7.2 and in
accordance with Section 7.4, against
any payment of the Purchase Price due under Section 2.1; provided, however, the
Purchaser may only exercise such right of offset in respect of claims relating
to Losses actually incurred by a Purchaser Indemnified Party (in which case the
amount of such offset shall be the amount of such actual Loss) or claims
actually asserted by a third party (in which case the amount of the offset shall
not exceed the Purchaser's good faith estimate of the amount of indemnifiable
Losses that will ultimately be payable to a Purchaser Indemnified Party in
respect of such claims).  If any such claims for indemnity are
resolved in favor of IMS Holdco and the Principals by mutual agreement or
otherwise, or if the amount withheld exceeds the amount ultimately payable to a
Purchaser Indemnified Party in respect of such claim, the Purchaser shall pay to
IMS Holdco the excess amount withheld with respect to such claim, together with
interest thereon for the period such amount has been withheld at a rate equal to
the published prime rate of interest of J.P. Morgan Chase in New York, in effect
from time to time during the relevant period.

    

    Section
7.6       Limitations
On and Other Matters Regarding Indemnification.

    

    7.6.1        Indemnity Cushion and
Cap.  Subject to Section 7.6.5,
neither IMS Holdco nor the Principals shall have any liability to any Purchaser
Indemnified Party with respect to Losses arising out of any of the matters
referred to in Section
7.2 until such time as the amount of such liability shall exceed $50,000
in the aggregate (in which case IMS Holdco and the Principals shall be liable
for all Losses in excess of $50,000.  Notwithstanding anything to the
contrary herein, subject to Section 7.6.5 below,
the maximum aggregate liability of IMS Holdco and the Principals for indemnity
payments under Section
7.2.1 and Section 7.2.2 shall
be an amount equal to $30,000,000.

    

    7.6.2        Termination of
Indemnification Obligations of IMS Holdco and the
Principals.  Subject to Section 7.6.5, the
obligation of IMS Holdco and the Principals to indemnify under Section 7.2 hereof
shall terminate on June 30, 2012, except as to matters as to which the Purchaser
Indemnified Party has made a claim for indemnification on or prior to such date,
in which case the right to indemnification with respect thereto shall survive
the expiration of such period until such claim for indemnification is finally
resolved and any obligations with respect thereto are fully
satisfied.

    

    7.6.3        Termination of
Indemnification Obligations of the Purchaser.  The obligation
of the Purchaser to indemnify under Section 7.3 hereof
shall terminate on June 30, 2012, except as to matters as to which IMS Holdco or
the Principals have made a claim for indemnification on or prior to such date,
in which case the right to indemnification with respect thereto for such party
shall survive the expiration of such period until such claim for indemnification
is finally resolved and any obligations with respect thereto are fully
satisfied.

    

    7.6.4        Treatment.  Any
indemnity payments by an Indemnifying Party to an Indemnified Party under this
Article VIII shall be treated by the parties as an adjustment to the Purchase
Price.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    

    7.6.5        Exceptions.  Each
of the limitations set forth above in this Section 7.6 shall in
no event (a) apply to any Losses incurred by a Purchaser Indemnified Party which
relate, directly or indirectly, to (i) any fraudulent acts committed by IMS
Holdco or the Principals; (ii) any breach of a representation or warranty
contained in Sections
3.1, 3.2, 3.3, 3.6, 3.11, 3.19, 3.25 or any other
provision hereof relating to Taxes, (iii) any indemnification obligation under
Sections
7.2.1(c), 7.2.1(d), 7.2.1(e), 7.2.1(f), 7.2.1(g) or 7.2.1(h); and (iv)
the obligations of IMS Holdco and the Principals set forth in Section 8.1 to pay
certain expenses; or (b) apply to any Losses incurred by an IMS Holdco
Indemnified Party which relate, directly or indirectly, to (i) any fraudulent
acts committed by the Purchaser; (ii) any indemnification obligation under Section 7.3(c); and
(iii) the Purchaser's obligations set forth in Section 8.1 to pay
certain expenses.

    

    7.6.6        Control by MDC
Partners.  All decisions and determinations to be made by the
Purchaser and/or a Purchaser Indemnified Party under this Article VII shall be
made by MDC Partners in the name of and on behalf of the Purchaser and/or such
other Purchaser Indemnified Party.

    

    7.6.7        Tax and Insurance
Effects.  An indemnity payment due and payable by an
Indemnifying Party under this Article VII shall be decreased to the extent of
any   net  reduction in Taxes payable by the Indemnified
Party resulting from the Losses,  taking into account the tax
consequences to the Indemnified Party of the receipt of any indemnity payment
due and payable by the Indemnifying Party under this Article VII.  In
both cases the tax consequences shall be
 determined  by using an assumed marginal tax rate equal to the
highest marginal tax rate then in effect for corporate or individual taxpayers,
as applicable, in the relevant jurisdiction.  In addition, any amounts
otherwise required to be paid by an Indemnifying Party under this Article VII
shall be net of any insurance proceeds received by the Indemnified
Party.

    

    ARTICLE
VIII

    MISCELLANEOUS

    

    Section
8.1       Expenses.   Except
as otherwise provided in this Agreement, the Purchaser, on the one hand, and the
Principals and IMS Holdco, on the other hand, shall pay its, her or his own
expenses relating to the transactions contemplated by this Agreement, including,
without limitation, the fees and expenses of their respective counsel, financial
advisors and accountants.

    

    Section
8.2       Governing
Law; Service of Process and Consent to Jurisdiction.  The interpretation and
construction of this Agreement, and all matters relating hereto (including,
without limitation, the validity or enforcement of this Agreement), shall be
governed by the laws of the State of New York without regard to any conflicts or
choice of laws provisions of the State of New York that would result in the
application of the law of any other jurisdiction.  Each of the parties
hereto agrees that delivery of process, summons, notice or document in
accordance with Section 8.2 shall be
effective service of process for any action, suit or proceeding arising out of
this Agreement.  Each party hereby irrevocably submits to the
exclusive jurisdiction of the United States District Court for the Southern
District of New York or any court of the State of New York located in New York
County in any action, suit or proceeding arising out of or relating to this
Agreement or any of the transactions contemplated hereby, and agrees that any
such action, suit or proceeding shall be brought only in such
court.  Each party hereby irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying
of the venue of any such action, suit or proceeding brought in such a court and
any claim that any such action, suit or proceeding brought in such a court has
been brought in an inconvenient forum.  THE PARTIES HEREBY WAIVE ANY
RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE.  THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS
PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND
BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE TRIAL BY JURY AND
THAT ANY ACTION OR PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY SHALL INSTEAD BE TRIED IN A COURT OF
COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    

    Section
8.3       "Person"
Defined.   "Person" shall mean and include
an individual, a company, a joint venture, a corporation (including any
non-profit corporation), an estate, an association, a trust, a general or
limited partnership, a limited liability company, a limited liability
partnership, an unincorporated organization and a government or other department
or agency thereof.

    

    Section
8.4       "Knowledge" Defined.   Where
any representation and warranty contained in this Agreement is expressly
specified by reference to the knowledge of the Principals, such term shall be
limited to the actual knowledge of any executive officer of IMS Holdco or any
Principal, and unless otherwise stated, such knowledge that would have been
discovered by any of them after reasonable inquiry.  Where any
representation and warranty contained in this Agreement is expressly specified
by reference to the knowledge of the Purchaser, as the case may be, such term
shall be limited to the actual knowledge of the executive officers of such
entity and unless otherwise stated, such knowledge that would have been
discovered by such executive officers after reasonable inquiry.

    

    Section
8.5       "Affiliate"
Defined.   As used in this Agreement, an "affiliate" of any Person,
shall mean any Person that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with
such Person.

    

    Section
8.6       Captions.   The
Article and Section captions used herein are for reference purposes only, and
shall not in any way affect the meaning or interpretation of this
Agreement.

    

    Section
8.7       Publicity.   Subject
to the provisions of the next sentence, no party to this Agreement shall, and
the Principals shall use their reasonable efforts to ensure that no
representative of IMS Holdco or the Company shall, issue any press release or
other public document or make any public statement relating to this Agreement or
the matters contained herein without obtaining the prior approval of the
Purchaser and the Representative.  Notwithstanding the foregoing, the
foregoing provision shall not apply to the extent that MDC Partners is required
to make any announcement relating to or arising out of this Agreement by virtue
of the securities laws of the United States or Canada or the rules and
regulations promulgated thereunder or other rules of the NASDAQ Stock Market,
Toronto Stock Exchange or the United States Securities and Exchange Commission
or any announcement by any party or the Company pursuant to applicable law or
regulations.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    

    Section
8.8       Notices.   Unless
otherwise provided herein, any notice, request, instruction or other document to
be given hereunder by any party to any other party shall be in writing and shall
be deemed to have been given (a) upon personal delivery, if delivered by hand or
courier, (b) three days after the date of deposit in the mails, postage prepaid,
or (c) the next business day if sent by a prepaid overnight courier service, and
in each case at the respective addresses set forth below or such other address
as such party may have fixed by notice:

    

    If to the Purchaser, addressed
to:

    

    c/o MDC
Partners Inc.

    45
Hazelton Avenue

    Toronto,
Ontario

    Canada
M5R 2E3

    Attention:

    

    with a copy
to:

    

    c/o MDC
Partners Inc.

    950 Third
Avenue

    New York,
New York 10022

    Attention:  General
Counsel

    

    and (which shall not
constitute notice)

    

    Davis
& Gilbert LLP

    1740
Broadway

    New York,
New York 10019

    Attention:  Brad
J. Schwartzberg, Esq.

    

    If to IMS Holdco or the Principals,
to:

    

    c/o BDR Company, LLC

    650 Fifth
Avenue

    New York,
New York 10017

    Attention: Robert Ingram

    

    with a copy to (which shall
not constitute notice):

    

    Moses
& Singer LLP

    405
Lexington Avenue

    New York,
New York 10174

    Attention: Solomon P. Friedman,
Esq.

    

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

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    

    Section
8.9       Parties
in Interest.   This Agreement may not be transferred,
assigned, pledged or hypothecated by any party hereto, other than by operation
of law.  Any purported such transfer, assignment, pledge, or
hypothecation (other than by operation of law) shall be void and
ineffective.  This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective heirs, executors,
administrators, successors and permitted assigns.

    

    Section
8.10     Severability.   In
the event any provision of this Agreement is found to be void and unenforceable
by a court of competent jurisdiction, the remaining provisions of this Agreement
shall nevertheless be binding upon the parties with the same effect as though
the void or unenforceable part had been severed and deleted.

    

    Section
8.11     Counterparts.   This
Agreement may be executed in two or more counterparts or by facsimile
transmission, all of which taken together shall constitute one
instrument.

    

    Section
8.12     Entire
Agreement.   This Agreement, together with the Schedules
and Exhibits hereto, constitutes the sole, exclusive and only agreements of the
parties hereto pertaining to the subject matter hereof, contains all of the
covenants, conditions and agreements between the parties, express or implied,
whether by statute or otherwise, and sets forth the respective rights, duties
and obligations of each party to the other party as of the Closing Date. No oral
understandings, oral statements, oral promises or oral inducements
exist.

    

    Section
8.13     Amendments.   This
Agreement may not be amended, supplemented or modified orally, but only by an
agreement in writing signed by each of the parties hereto.

    

    Section
8.14     Third
Party Beneficiaries.   Each party hereto intends that this
Agreement shall not benefit or create any right or cause of action in or on
behalf of any Person other than the parties hereto and their respective
successors and assigns as permitted under Section 8.9, except
the Purchaser Indemnified Parties as provided in Article VII
hereof.

    

    Section
8.15     Use of
Terms.   Whenever the context so requires or permits, all
references to the masculine herein shall include the feminine and neuter, all
references to the neuter herein shall include the masculine and feminine, all
references to the plural shall include the singular and all references to the
singular shall include the plural.  Whenever used in this Agreement,
the terms "Dollars" and "$" shall mean United Stated Dollars.

    

    Section
8.16     "Liens"
Defined.   With respect to any asset, a "Lien" shall mean (a) any
mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or
security interest in, on or of such asset, (b) the interest of a vendor or a
lessor under any conditional sale agreement, capital lease or title retention
agreement (other than an operating lease) (or any financial lease having
substantially the same economic effect as any of the foregoing) relating to such
asset and (c) in the case of securities, any purchase option, call or similar
right of a third party with respect to such securities.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    

    Section
8.17     No Strict
Construction; Representation by Counsel.  The language used in
this Agreement will be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of law or contract interpretation that
provides that in the case of ambiguity or uncertainty a provision should be
construed against the draftsman will be applied against any party
hereto.  The provisions of this Agreement shall be construed according
to their fair meaning and neither for nor against any party hereto irrespective
of which party caused such provisions to be drafted.  Each of the
parties acknowledges that it has been represented by an attorney in connection
with the preparation and execution of this Agreement.

    

    Section
8.18     Representative.  Each
of the Principals and IMS Holdco hereby appoints Ingram as his, her or its
exclusive agent and attorney-in-fact (the "Representative") (i) to give
and receive notices and communications with respect to the provisions of this
Agreement, (ii) to amend the terms of this Agreement, (iii) to agree to,
negotiate, enter into settlements or compromises of matters arising under the
provisions of this Agreement, and (iv) to take any and all actions necessary or
appropriate in the judgment of the Representative to be taken on behalf of the
Principals and IMS Holdco under such provisions of this
Agreement.  Such agency and that of any successor representative is
irrevocable and coupled with an interest; provided, however, the
Representative shall have no authority to act on behalf of any Principal or IMS
Holdco with respect to an indemnity claim under Section
7.2.2.  In the event the Representative refuses to, or is no
longer capable of, serving as the Representative hereunder, the other Principals
shall promptly appoint a successor Representative who shall thereafter be the
successor Representative hereunder and the Representative shall serve until such
successor is duly appointed and qualified to act hereunder.  The
Principals and IMS Holdco hereby agree that the Representative shall not have
any liability to the Company or any of its subsidiaries, if any, for any action
he takes or omits to take hereunder (or under any agreement or instrument
referred to herein) in his capacity as Representative, unless such action or
omission constitutes bad faith or willful misconduct by the
Representative.  Notices or communications to or from the
Representative shall constitute notice to or from the Principals and/or IMS
Holdco in respect of matters relating to this Agreement.  Any
decision, act, consent or instruction of the Representative shall constitute a
decision of all of the Principals and IMS Holdco, and shall be final, binding
and conclusive upon each Principal and IMS Holdco, and the Purchaser may rely
upon any decision, act, consent or instruction of the Representative as being
the decision, act, consent or instruction of IMS Holdco and each and every
Principal.

    

    Section
8.19     Guaranty.  MDC
Partners hereby agrees to pay, or cause the Purchaser to pay, when due, each
payment of Purchase Price required pursuant to Article II above and
any indemnification obligations of the Purchaser pursuant to Article VII
above.

    
      
         

      

      
        43

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, the
parties hereto have executed this Membership Unit Purchase Agreement, on the day
and year first above written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        	 
      	
                                MF
      + P ACQUISITION CO.

                              
	 
      	 
      
	 
      	
                                By:

                              	 /s/
      Mitchell Gendel
	 
      	 
      	
                                Name:
      Mitchell
Gendel

                              
	 
      	 
      	
                                Title:
      Vice President and
      Secretary

                              
	 
      	 
      	 
      
	 
      	
                                INTEGRATED
      MEDIA SOLUTIONS, LLC

                              
	 
      	 
      
	 
      	
                                By:

                              	 /s/
      Robert Ingram
	 
      	 
      	
                                Name:
      Robert Ingram

                              
	 
      	 
      	
                                Title:
      Chief Executive
      Officer

                              
	 
      	 
      	 
      
	 	 /s/
	 
      	
                                Robert
      Ingram

                              
	 
      	 
      
	 	 /s/
	 
      	
                                Desiree
      Du Mont

                              
	 
      	 
      
	 	 /s/
	 
      	
                                Ron
      Corvino

                              
	 
      	 
      
	 
      	
                                MDC PARTNERS INC.
      (solely with respect to Sections 7.6.6 and 8.19)

                              
	 
      	 
      
	 
      	
                                By:

                              	 
      /s/ Mitchell Gendel
	 
      	 
      	
                                Name:
      Mitchell
Gendel

                              
	 
      	 
      	
                                Title:
      General Counsel and Corporate
      Secretary

                              

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

    

    TABLE
OF CONTENTS

    

    
      
        
          
            
              
                	
                        ARTICLE
      I

                      	 
      
	
                        SALE
      OF THE PURCHASED UNITS

                      	 
      
	 
      	 
      
	
                        Section
      1.1  Sale of the Purchased Units

                      	
                        1

                      
	 
      	 
      
	
                        ARTICLE
      II

                      	 
      
	
                        PURCHASE
      PRICE AND CLOSING

                      	 
      
	 
      	 
      
	
                        Section
      2.1  Purchase Price; Working Capital Adjustment

                      	
                        2

                      
	
                                    2.1.1  Purchase
      Price

                      	
                        2

                      
	
                                    2.1.2  Definitions

                      	
                        6

                      
	
                                    2.1.2  Other
      Definitions

                      	
                        6

                      
	
                                    2.1.3  Accounting
      Procedures

                      	
                        7

                      
	
                                    2.1.4  Examination
      of Books and Records

                      	
                        8

                      
	
                        Section
      2.2  Closing

                      	
                        8

                      
	
                        Section
      2.3  Third Party Consents

                      	
                        9

                      
	
                        Section
      2.4  Further Assurance; Post Closing Cooperation

                      	
                        9

                      
	 
      	 
      
	
                        ARTICLE
      III

                      	 
      
	
                        REPRESENTATIONS
      OF IMS HOLDCO AND THE PRINCIPALS

                      	 
      
	 
      	 
      
	
                        Section
      3.1  Execution and Validity of Agreements; Restrictive
      Documents

                      	
                        9

                      
	
                                    3.1.1  Execution
      and Validity

                      	
                        9

                      
	
                                    3.1.2  No
      Restrictions

                      	
                        10

                      
	
                                    3.1.3  Non-Contravention

                      	
                        10

                      
	
                                    3.1.4  Approvals
      and Consents

                      	
                        10

                      
	
                        Section
      3.2  Existence and Good Standing

                      	
                        10

                      
	
                        Section
      3.3  Capital Stock; Equity Ownership; No Options or
      Restrictions; Subsidiaries and Investments

                      	
                        11

                      
	
                        Section
      3.4  Financial Statements and No Material
Changes

                      	
                        11

                      
	
                        Section
      3.5  Books and Records

                      	
                        12

                      
	
                        Section
      3.6  Title to Properties; Encumbrances; No Prior
      Activities

                      	
                        12

                      
	
                                    3.6.1  Title
      to Properties; Encumbrances

                      	
                        12

                      
	
                                    3.6.2  No
      Prior Activities

                      	
                        12

                      
	
                        Section
      3.7  Real Property

                      	
                        13

                      
	
                                    3.7.1  Owned
      Real Property

                      	
                        13

                      
	
                                    3.7.2  Leased
      Real Property

                      	
                        13

                      
	
                        Section
      3.8  Contracts

                      	
                        14

                      
	
                        Section
      3.9  Non-Contravention; Approvals and Consents

                      	
                        15

                      
	
                        Section
      3.10  Litigation

                      	
                        15

                      
	
                        Section
      3.11  Taxes

                      	
                        16

                      
	
                        Section
      3.12  Liabilities

                      	
                        17

                      

              

            

          

        

      

    

     

    
      
         

      

      
        45

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    Section
      3.13  Insurance

                  	
                    17

                  
	
                    Section
      3.14  Intellectual Properties

                  	
                    18

                  
	
                                3.14.1  Definitions

                  	
                    18

                  
	
                                3.14.2  Representations

                  	
                    19

                  
	
                                3.14.3  Privacy
      and Security

                  	
                    20

                  
	
                    Section
      3.15  Compliance with Laws

                  	
                    20

                  
	
                    Section
      3.16  Client Relations

                  	
                    21

                  
	
                    Section
      3.17  Accounts Receivable; Work-in-Process; Accounts
      Payable

                  	
                    21

                  
	
                    Section
      3.18  Employment Relations

                  	
                    21

                  
	
                    Section
      3.19  Employee Benefit Matters

                  	
                    22

                  
	
                                3.19.1  List
      of Plans

                  	
                    22

                  
	
                                3.19.2  Severance

                  	
                    22

                  
	
                                3.19.3  Multi-Employer
      Plans

                  	
                    23

                  
	
                                3.19.4  Welfare
      Benefit Plans

                  	
                    23

                  
	
                                3.19.5  Administrative
      Compliance

                  	
                    23

                  
	
                                3.19.6  Tax-Qualification

                  	
                    24

                  
	
                                3.19.7  Funding;
      Excise Taxes

                  	
                    24

                  
	
                                3.19.8  Tax
      Deductions

                  	
                    25

                  
	
                                3.19.9  409A

                  	
                    25

                  
	
                    Section
      3.20  Interests in Customers, Suppliers, Etc.

                  	
                    25

                  
	
                    Section
      3.21  Bank Accounts and Powers of Attorney

                  	
                    26

                  
	
                    Section
      3.22  Compensation of Employoees

                  	
                    26

                  
	
                    Section
      3.23  No Changes Since the Balance Sheet Date

                  	
                    27

                  
	
                    Section
      3.24  Corporate Controls

                  	
                    27

                  
	
                    Section
      3.25  Brokers

                  	
                    27

                  
	
                    Section
      3.26  Repayment of Loans

                  	
                    28

                  
	
                    Section
      3.27  Copies of Documents

                  	
                    28

                  
	 
      	 
      
	
                    ARTICLE
      IV

                  	 
      
	
                    REPRESENTATIONS
      OF THE PURCHASER

                  	 
      
	 
      	 
      
	
                    Section
      4.1  Existence and Good Standing

                  	
                    28

                  
	
                    Section
      4.2  Execution and Validity of Agreement

                  	
                    28

                  
	
                    Section
      4.3  Litigation

                  	
                    28

                  
	
                    Section
      4.4  Non Contravention; Approvals and Consents

                  	
                    29

                  
	
                    Section
      4.5  Brokers

                  	
                    29

                  
	 
      	 
      
	
                    ARTICLE
      V

                  	 
      
	
                    ACTIONS
      AT CLOSING

                  	 
      
	 
      	 
      
	
                    Section
      5.1  Certified Resolutions

                  	
                    29

                  
	
                    Section
      5.2  Required Approvals and Consents

                  	
                    29

                  
	
                    Section
      5.3  Operating Agreement

                  	
                    29

                  
	
                    Section
      5.4  Employment Agreements

                  	
                    29

                  
	
                    Section
      5.5  Non-Competition/Non-Solicitation/Non-Servicing
      Agreements

                  	
                    30

                  
	
                    Section
      5.6  Conveyance Document

                  	
                    30

                  

          

        

      

    

     

    
      
         

      

      
        46

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                	
                        Section
      5.7  Proceedings

                      	
                        30

                      
	 
      	 
      
	
                        ARTICLE
      VI

                      	 
      
	
                        OTHER
      AGREEMENTS

                      	 
      
	 
      	 
      
	
                        Section
      6.1  Management of the Company

                      	
                        30

                      
	
                                    6.1.1  MDC
      Financing

                      	
                        30

                      
	
                                    6.1.2  Effect
      of Events During Period Membership Units Are Outstanding

                      	
                        31

                      
	
                        Section
      6.2  Tax Matters

                      	
                        31

                      
	
                                    6.2.1  Allocation

                      	
                        31

                      
	
                                    6.2.2  Tax
      Returns

                      	
                        31

                      
	
                                    6.2.3  Tax
      Cooperation

                      	
                        32

                      
	
                                    6.2.4  Tax
      Liability

                      	
                        32

                      
	
                        Section
      6.3  Equity Securities of IMS Holdco

                      	
                        32

                      
	
                        Section
      6.4  Change of Name

                      	
                        33

                      
	 
      	 
      
	
                        ARTICLE
      VII

                      	 
      
	
                        SURVIVAL;
      INDEMNITY

                      	 
      
	 
      	 
      
	
                        Section
      7.1  Survival

                      	
                        33

                      
	
                        Section
      7.2  Obligation of IMS Holdco and the Principals to
      Indemnify

                      	
                        34

                      
	
                                    7.2.1  General
      Indemnity

                      	
                        34

                      
	
                                    7.2.2  Special
      Indemnity

                      	
                        34

                      
	
                                    7.2.3  Losses

                      	
                        34

                      
	
                        Section
      7.3  Obligation of the Purchaser to Indemnify

                      	
                        35

                      
	
                        Section
      7.4  Indemnification Procedures

                      	
                        35

                      
	
                                    7.4.1  Non-Third
      Party Claims

                      	
                        35

                      
	
                                    7.4.2  Third-Party
      Claims

                      	
                        36

                      
	
                        Section
      7.5  Right of Offset

                      	
                        38

                      
	
                        Section
      7.6  Limitations On and Other Matters Regarding
      Indemnification

                      	
                        38

                      
	
                                    7.6.1  Indemnity
      Cushion and Cap

                      	
                        38

                      
	
                                    7.6.2  Termination
      of Indemnification Obligations of IMS Holdco and the
      Principals

                      	
                        38

                      
	
                                    7.6.3  Termination
      of Indemnification Obligations of the Purchaser

                      	
                        38

                      
	
                                    7.6.4  Treatment

                      	
                        38

                      
	
                                    7.6.5  Exceptions

                      	
                        39

                      
	
                                    7.6.6  Control
      by MDC Partners

                      	
                        39

                      
	
                                    7.6.7  Tax
      and Insurance Effects

                      	
                        39

                      
	 
      	 
      
	
                        ARTICLE
      VIII

                      	 
      
	
                        MISCELLANEOUS

                      	 
      
	 
      	 
      
	
                        Section
      8.1  Expenses

                      	
                        39

                      
	
                        Section
      8.2  Governing Law; Service of Process and Consent to
      Jurisdiction

                      	
                        39

                      
	
                        Section
      8.3  "Person" Defined

                      	
                        40

                      
	
                        Section
      8.4  "Knowledge" Defined

                      	
                        40

                      
	
                        Section
      8.5  "Affiliate" Defined

                      	
                        40

                      

              

            

          

        

      

    

     

    
      
         

      

      
        47

        
          

        

      

      
         

      

    

     

    
      
        	
                Section
      8.6  Captions

              	
                40

              
	
                Section
      8.7  Publicity

              	
                40

              
	
                Section
      8.8  Notices

              	
                41

              
	
                Section
      8.9  Parties in Interest

              	
                42

              
	
                Section
      8.10  Severability

              	
                42

              
	
                Section
      8.11  Counterparts

              	
                42

              
	
                Section
      8.12  Entire Agreement

              	
                42

              
	
                Section
      8.13  Amendments

              	
                42

              
	
                Section
      8.14  Third Party Beneficiaries

              	
                42

              
	
                Section
      8.15  Use of Terms

              	
                42

              
	
                Section
      8.16  "Liens" Defined

              	
                42

              
	
                Section
      8.17  No Strict Construction; Representation by
      Counsel

              	
                43

              
	
                Section
      8.18  Representative

              	
                43

              
	
                Section
      8.19  Guaranty

              	
                43

              

      

    

     

    
      
         

      

      
        48

        
          

        

      

      
         

      

    

     

    INDEX
OF DEFINED TERMS

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    	
                                                            2010
      Growth Payment

                                                          	
                                                            5

                                                          
	
                                                            409A
      Liability

                                                          	
                                                            26

                                                          
	
                                                            409A
      Plan

                                                          	
                                                            26

                                                          
	 
      	 
      
	
                                                            Accountants

                                                          	
                                                            7

                                                          
	
                                                            Additional
      Payments

                                                          	
                                                            6

                                                          
	
                                                            Adjusted
      GAAP PBT

                                                          	
                                                            6

                                                          
	
                                                            affiliate

                                                          	
                                                            42

                                                          
	
                                                            Agreement

                                                          	
                                                            1

                                                          
	
                                                            Applicable
      Percentage

                                                          	
                                                            6

                                                          
	 
      	 
      
	
                                                            Balance
      Sheet

                                                          	
                                                            12

                                                          
	
                                                            Balance
      Sheet Date

                                                          	
                                                            12

                                                          
	
                                                            Business

                                                          	
                                                            11

                                                          
	 
      	 
      
	
                                                            Closing

                                                          	
                                                            8

                                                          
	
                                                            Closing
      Balance Sheet

                                                          	
                                                            7

                                                          
	
                                                            Closing
      Date

                                                          	
                                                            9

                                                          
	
                                                            Closing
      Date Working Capital

                                                          	
                                                            7

                                                          
	
                                                            Code

                                                          	
                                                            6

                                                          
	
                                                            Company

                                                          	
                                                            1

                                                          
	
                                                            Company
      Indemnified Parties

                                                          	
                                                            36

                                                          
	
                                                            Company
      Indemnified Party

                                                          	
                                                            36

                                                          
	
                                                            Contracts

                                                          	
                                                            10

                                                          
	
                                                            Conveyance
      Document

                                                          	
                                                            1

                                                          
	 
      	 
      
	
                                                            Data

                                                          	
                                                            20

                                                          
	
                                                            Defense
      Counsel

                                                          	
                                                            38

                                                          
	
                                                            Defense
      Notice

                                                          	
                                                            38

                                                          
	
                                                            Desiree

                                                          	
                                                            1

                                                          
	 
      	 
      
	
                                                            Environmental
      Laws and Orders

                                                          	
                                                            21

                                                          
	
                                                            ERISA

                                                          	
                                                            23

                                                          
	
                                                            ERISA
      Affiliate

                                                          	
                                                            23

                                                          
	
                                                            Extra
      Payment

                                                          	
                                                            5

                                                          
	 
      	 
      
	
                                                            Family
      Member

                                                          	
                                                            34

                                                          
	
                                                            FAP

                                                          	
                                                            3

                                                          
	
                                                            FIAP

                                                          	
                                                            5

                                                          
	
                                                            FOAP

                                                          	
                                                            4

                                                          

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          	
                                                                  GAAP

                                                                	
                                                                  7

                                                                
	
                                                                  Governmental
      or Regulatory Authority

                                                                	
                                                                  10

                                                                
	 
      	 
      
	
                                                                  IMS

                                                                	
                                                                  1

                                                                
	
                                                                  IMS
      Interests

                                                                	
                                                                  33

                                                                
	
                                                                  Indemnification
      Notice

                                                                	
                                                                  38

                                                                
	
                                                                  Indemnification
      Notice Period

                                                                	
                                                                  38

                                                                
	
                                                                  Indemnified
      Party

                                                                	
                                                                  37

                                                                
	
                                                                  Indemnifying
      Party

                                                                	
                                                                  37

                                                                
	
                                                                  Independent
      Auditors

                                                                	
                                                                  7

                                                                
	
                                                                  Ingram

                                                                	
                                                                  1

                                                                
	
                                                                  Initial
      Top-Up Amount

                                                                	
                                                                  3

                                                                
	
                                                                  Intellectual
      Property

                                                                	
                                                                  18

                                                                
	
                                                                  Intellectual
      Property of the Company

                                                                	
                                                                  19

                                                                
	 
      	 
      
	
                                                                  JAMS

                                                                	
                                                                  8

                                                                
	 
      	 
      
	
                                                                  Laws

                                                                	
                                                                  10

                                                                
	
                                                                  Lender

                                                                	
                                                                  32

                                                                
	
                                                                  Liabilities

                                                                	
                                                                  17

                                                                
	
                                                                  Licensed
      Intellectual Property

                                                                	
                                                                  19

                                                                
	
                                                                  Lien

                                                                	
                                                                  44

                                                                
	
                                                                  Losses

                                                                	
                                                                  35

                                                                
	
                                                                  LTG
      Rate Increase

                                                                	
                                                                  3

                                                                
	 
      	 
      
	
                                                                  Material
      Adverse Effect

                                                                	
                                                                  21

                                                                
	
                                                                  MDC
      Financing

                                                                	
                                                                  32

                                                                
	
                                                                  MDC
      Partners

                                                                	
                                                                  1

                                                                
	
                                                                  Membership
      Units

                                                                	
                                                                  1

                                                                
	 
      	 
      
	
                                                                  Non
      PII

                                                                	
                                                                  20

                                                                
	
                                                                  Non-Third
      Party Acknowledgement of Liability

                                                                	
                                                                  37

                                                                
	
                                                                  Non-Third
      Party Claim

                                                                	
                                                                  37

                                                                
	
                                                                  Non-Third
      Party Claim Notice

                                                                	
                                                                  37

                                                                
	
                                                                  Non-Third
      Party Dispute Notice

                                                                	
                                                                  37

                                                                
	
                                                                  Non-Third
      Party Dispute Period

                                                                	
                                                                  37

                                                                
	 
      	 
      
	
                                                                  Off-the-Shelf
      Software

                                                                	
                                                                  19

                                                                
	
                                                                  Operating
      Agreement

                                                                	
                                                                  1

                                                                
	
                                                                  Operative
      Documents

                                                                	
                                                                  44

                                                                
	
                                                                  Orders

                                                                	
                                                                  10

                                                                
	 
      	 
      
	
                                                                  PBGC

                                                                	
                                                                  25

                                                                
	
                                                                  Person

                                                                	
                                                                  42

                                                                
	
                                                                  PII

                                                                	
                                                                  20

                                                                
	
                                                                  Plan

                                                                	
                                                                  23

                                                                

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                          Plans

                                                        	
                                                          23

                                                        
	
                                                          Principal

                                                        	
                                                          1

                                                        
	
                                                          Principals

                                                        	
                                                          1

                                                        
	
                                                          Privacy
      Policy

                                                        	
                                                          20

                                                        
	
                                                          Purchase
      Price

                                                        	
                                                          2

                                                        
	
                                                          Purchased
      Units

                                                        	
                                                          1

                                                        
	
                                                          Purchaser

                                                        	
                                                          1

                                                        
	
                                                          Purchaser
      Indemnified Parties

                                                        	
                                                          35

                                                        
	
                                                          Purchaser
      Indemnified Party

                                                        	
                                                          35

                                                        
	 
      	 
      
	
                                                          Real
      Property Lease

                                                        	
                                                          13

                                                        
	
                                                          Real
      Property Leases

                                                        	
                                                          13

                                                        
	
                                                          Reconciliation
      Period

                                                        	
                                                          7

                                                        
	
                                                          Registered
      IP

                                                        	
                                                          19

                                                        
	
                                                          Related
      Group

                                                        	
                                                          26

                                                        
	
                                                          Representative

                                                        	
                                                          45

                                                        
	
                                                          Required
      Permits

                                                        	
                                                          21

                                                        
	
                                                          Retained
      Subsidiaries

                                                        	
                                                          13

                                                        
	
                                                          Ron

                                                        	
                                                          1

                                                        
	 
      	 
      
	
                                                          Sale
      Event

                                                        	
                                                          6

                                                        
	
                                                          Sales
      Taxes

                                                        	
                                                          33

                                                        
	
                                                          SAP

                                                        	
                                                          3

                                                        
	
                                                          Special
      Determination

                                                        	
                                                          7

                                                        
	 
      	 
      
	
                                                          TAP

                                                        	
                                                          4

                                                        
	
                                                          Target
      Working Capital

                                                        	
                                                          7

                                                        
	
                                                          Taxes

                                                        	
                                                          16

                                                        
	
                                                          Third
      Party Claim

                                                        	
                                                          37

                                                        
	
                                                          Third
      Party Claims Notice

                                                        	
                                                          37

                                                        
	
                                                          Title
      IV Plan

                                                        	
                                                          25

                                                        
	
                                                          Top-Up
      Payments

                                                        	
                                                          2

                                                        
	
                                                          Transfer

                                                        	
                                                          33

                                                        
	 
      	 
      
	
                                                          Unregistered
      IP

                                                        	
                                                          19

                                                        
	 
      	 
      
	
                                                          Working
      Capital Payment

                                                        	
                                                          2

                                                        
	
                                                          Working
      Capital Shortfall

                                                        	
                                                          2

                                                        

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        

          
            
               

            

            
              
              

              
                

              

            

            
               

            

          

        

         

      

    

    EXHIBITS

    

    
      
        	
                Exhibit
      A

              	
                Conveyance
      Document

              
	
                Exhibit
      B

              	
                Operating
      Agreement

              
	
                Exhibit
      C

              	
                Employment
      Agreements

              
	
                Exhibit
      D-1

              	
                Principals
      Non-Competition/Non-Solicitation/Non-Servicing
  Agreements

              
	
                Exhibit
      D-2

              	
                Dawn
      Du Mont Non-Competition/Non-Solicitation/Non-Servicing
      Agreements

              
	
                Exhibit
      E

              	
                IMS
      Holdco's Second Agreement and Restated Operating
  Agreement

              

      

    

    

    SCHEDULES

    

    
      
        	
                Schedule
      2.1.1

              	
                Payment
      of the Purchase Price

              
	
                Schedule
      3.2

              	
                Good
      Standing

              
	
                Schedule
      3.3

              	
                No
      Options or Restrictions

              
	
                Schedule
      3.4(A)

              	
                Financial
      Statements

              
	
                Schedule
      3.4(B)

              	
                GAAP
      Exceptions

              
	
                Schedule
      3.6

              	
                Liens

              
	
                Schedule
      3.7.2

              	
                Real
      Property Leases

              
	
                Schedule
      3.8

              	
                Contracts

              
	
                Schedule
      3.9

              	
                Approvals
      and Consents

              
	
                Schedule
      3.10

              	
                Litigation

              
	
                Schedule
      3.11

              	
                Taxes

              
	
                Schedule
      3.12

              	
                Liabilities

              
	
                Schedule
      3.13

              	
                Insurance

              
	
                Schedule
      3.14.2

              	
                Intellectual
      Property

              
	
                Schedule
      3.16

              	
                Client
      Relations

              
	
                Schedule
      3.19.2

              	
                Severance

              
	
                Schedule
      3.20

              	
                Interests
      in Customers, Suppliers, Etc.

              
	
                Schedule
      3.21

              	
                Bank
      Accounts and Powers of Attorney

              
	
                Schedule
      3.22

              	
                Compensation
      of Employees

              
	
                Schedule
      3.23

              	
                No
      Changes Since the Balance Sheet Date

              
	
                Schedule
      3.25

              	
                Brokers

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]