NEW YORK, April 9, 2019 /CNW/ -- (NASDAQ: MDCA)
– MDC Partners Inc. (the "Company") announced today that it
had granted an inducement award to Mark
Penn in connection with Mr. Penn's previously-announced
appointment as the Company's Chief Executive Officer.
Effective April 5, 2019, the Company
granted to Mr. Penn 1,500,000 stock appreciation rights (the
"SARs") in respect of the Company's Class A subordinate voting
shares ("Class A Shares"), which will generally be settled in Class
A Shares, with an exercise price equal to $2.19. The SARs will become vested and
exercisable in full in three equal installments on each of the
first three (3) anniversaries of March 18,
2019, subject to Mr. Penn's continued employment with the
Company through each vesting date. The SARs will expire on the
fifth anniversary of Mr. Penn's employment commencement date to the
extent not exercised, and will be subject to accelerated vesting
upon (i) death or disability, (ii) termination of employment
without "Cause" or with "Good Reason," or (iii) a change in control
of the Company. The Company granted this award as a material
inducement to Mr. Penn's employment with the Company in accordance
with NASDAQ Listing Rule 5635(c)(4).
About MDC Partners Inc.
MDC Partners is one of the fastest-growing and most influential
marketing and communications networks in the world. Its 50+
advertising, public relations, branding, digital, social and event
marketing agencies are responsible for some of the most memorable
and engaging campaigns for the world's most respected brands.
As "The Place Where Great Talent Lives," MDC Partners is known for
its unique partnership model, empowering the most entrepreneurial
and innovative talent to drive competitive advantage and business
growth for clients. By leveraging technology, data analytics,
insights, and strategic consulting solutions, MDC Partners drives
measurable results and optimizes return on marketing investment for
over 1,700 clients worldwide. For more information about MDC
Partners and its partner firms, visit www.mdc-partners.com and
follow us on Twitter: http://www.twitter.com/mdcpartners.
CONTACT:
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Alexandra
Delanghe
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Chief Communications
Officer
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646-429-1845
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adelanghe@mdc-partners.com
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SOURCE MDC Partners Inc.