Document:

EX-10.8

 Exhibit 10.8 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of ________, 2021 between AdTheorent
Holding Company, Inc., a Delaware corporation (the “Company”), and [•] (“Indemnitee”). 

WITNESSETH THAT: 
 WHEREAS,
highly competent persons have become more reluctant to serve corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of the corporation; 
 WHEREAS, the Board of Directors of the
Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving
the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given
current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises
are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Company’s Second Amended
and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and the Company’s Amended and Restated Bylaws (the “Bylaws”), each as may be amended or restated from time to time,
require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”). The Bylaws and the DGCL
expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that agreements may be entered into between the Company and members of the Board, officers and other persons with respect to
indemnification; 
 WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting
and retaining such persons; 
 WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is
detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; 

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance Expenses (as
hereinafter defined) on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 

WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws and Certificate of Incorporation of the Company and any
resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and 

 WHEREAS, Indemnitee does not regard the protection available under the Company’s Bylaws
and Certificate of Incorporation and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee
is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so indemnified. 

NOW, THEREFORE, in consideration of Indemnitee’s agreement to serve as a director from and after the date hereof, the parties hereto
agree as follows: 
 1. Indemnity of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest
extent permitted by law, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof: 

(a) Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification
provided in this Section l(a) if, by reason of Indemnitee’s Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a
Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred
by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful. 

(b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this
Section 1(b) if, by reason of Indemnitee’s Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this
Section 1(b), Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good
faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim,
issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made. 

(c) Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement,
to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law, as such may be amended
from time to time, against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not 

  
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wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination
of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

2. Additional Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in
Section 1 of this Agreement, to the fullest extent permitted by law, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or
in the right of the Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee. 

3. Contribution. 

(a) Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending
or completed action, suit or Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or Proceeding), to the fullest extent permitted by law, the Company shall pay, in the first instance, the
entire amount of any judgment or settlement of such action, suit or Proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. 

(b) Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit
or Proceeding), to the fullest extent permitted by law, the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the
relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or Proceeding), on the one hand, and
Indemnitee, on the other hand, from the transaction or events from which such action, suit or Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be
further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or Proceeding), on
the one hand, and Indemnitee, on the other hand, in connection with the transaction or events that resulted in such Expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which applicable law may require to
be considered. The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or Proceeding), on the one hand,
and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or
secondary and the degree to which their conduct is active or passive. 

  
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 (c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any
claims of contribution that may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. 

(d) To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits
received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in
connection with such event(s) and/or transaction(s). 
 4. Indemnification for Expenses of a Witness. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, Indemnitee shall
be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 

5. Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses actually and
reasonably incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting
such advance or advances from time to time, prior to final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. Indemnitee shall qualify for advances upon the execution and
delivery to the Company of this Agreement which shall constitute an undertaking providing that Indemnitee undertakes to the fullest extent required by law to repay the advance if and to the extent that it is ultimately determined by a court of
competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking shall be required. Any advances and undertakings to repay pursuant to this
Section 5 shall be unsecured and interest free. 
 6. Defense of Claim. With respect to any such Proceeding
as to which Indemnitee requests indemnification or advancement from the Company: 
 (a) The Company may participate therein at its own
expense; 

  
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 (b) The Company, jointly with any other indemnifying party similarly notified, may assume
the defense thereof, with counsel satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense thereof, the Company shall not be liable to Indemnitee under this Agreement for any legal or other
Expenses (other than reasonable costs of investigation) subsequently incurred by Indemnitee in connection with the defense thereof unless (i) the employment of counsel by Indemnitee has been authorized by the Company, (ii) Indemnitee shall
have reasonably concluded that there may be a conflict of interest between the Company (or any other person or persons included in the joint defense) and Indemnitee in the conduct of the defense of such action, or (iii) the Company shall not,
in fact, have employed counsel to assume the defense of such action, in each of which cases the fees and Expenses of counsel shall be at the Company’s expense. The Company shall not be entitled to assume the defense of any Proceeding brought by
or on behalf of the Company or as to which Indemnitee shall have reasonably made the conclusion provided for in (ii) above; 
 (c)
Notwithstanding any other provision of this Agreement, the Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company’s written consent; 

(d) The Company shall not settle any action or claim in any manner that would impose any penalty or limitation on Indemnitee without
Indemnitee’s written consent; and 
 (e) Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed
settlement, provided that Indemnitee may withhold consent to any settlement that does not provide a complete release of Indemnitee. 
 7.
Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under federal law and the DGCL and the
public policy of the U.S. and the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

 (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon
receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request
in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company. 

(b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 7(a) hereof, a
determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors (as
hereinafter defined), even though less than a quorum, (2) by a committee of Disinterested 

  
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Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (3) if there are no Disinterested Directors or if the Disinterested Directors so
direct, by Independent Counsel (as hereinafter defined) in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the stockholders of the Company. Notwithstanding the
foregoing, if there has been a Change in Control (as hereinafter defined) (other than a Change in Control which has been approved by a majority of the Board who were directors immediately prior to such Change in Control), any reviewing party with
respect to all matters thereafter arising concerning the Indemnitee’s indemnification, exoneration or hold harmless rights for Expenses under this Agreement or any other agreement or under the Certificate of Incorporation or Bylaws as now or
hereafter in effect, or under any other applicable law, if desired by the Indemnitee, shall be Independent Counsel. Such counsel, among other things, shall render its written opinion to the Company and the Indemnitee as to whether and to what extent
the Indemnitee would be entitled to be indemnified, exonerated or held harmless hereunder and under applicable law and the Company agrees to abide by such opinion. 

(c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to
Section 7(b)(3) hereof, the Independent Counsel shall be selected as provided in this Section 7(c). The Independent Counsel shall be selected by the Board. Indemnitee may, within ten (10) days
after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not
meet the requirements of “Independent Counsel” as defined in Section 14 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has
determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 7(a) hereof, no Independent Counsel shall have
been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to
the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so
resolved or the person so appointed shall act as Independent Counsel under Section 7(b) hereof. 
 (d) In making a
determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the
commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or
independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

  
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 (e) Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is
based on the records or books of account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal
counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the
knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing
provisions of this Section 7(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of
the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 

(f) If the person, persons or entity empowered or selected under Section 7 to determine whether Indemnitee is
entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and
Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the
request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days,
if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further,
that the foregoing provisions of this Section 7(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 7(b) of this
Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their
consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such
receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat. 

(g) Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to
indemnification under this Agreement. Any costs or Expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 

  
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 (h) The Company acknowledges that a settlement or other disposition short of final judgment
may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment
against Indemnitee (including, without limitation, settlement of such action, claim or Proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such
action, suit or Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 

(i) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in
a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

8. Remedies of Indemnitee. 

(a) In the event that (i) a determination is made pursuant to Section 7 of this Agreement that Indemnitee is
not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made
pursuant to Section 7(b) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten
(10) days after receipt by the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such
determination is deemed to have been made pursuant to Section 7 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware of Indemnitee’s entitlement to such
indemnification. Indemnitee shall commence such Proceeding seeking an adjudication within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such Proceeding pursuant to this
Section 8(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication. 
 (b) In the
event that a determination shall have been made pursuant to Section 7(b) of this Agreement that Indemnitee is not entitled to indemnification, any judicial Proceeding commenced pursuant to this
Section 8 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 7(b). 

(c) If a determination shall have been made pursuant to Section 7(b) of this Agreement that Indemnitee is entitled
to indemnification, the Company shall be bound by such determination in any judicial Proceeding commenced pursuant to this Section 8, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a
material fact necessary to make Indemnitee’s misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

  
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 (d) In the event that Indemnitee, pursuant to this Section 8,
seeks a judicial adjudication of Indemnitee’s rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company
shall pay on Indemnitee’s behalf, in advance, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of Expenses or insurance recovery. 
 (e) The Company shall be precluded from asserting in any judicial Proceeding commenced
pursuant to this Section 8 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this
Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by
law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’
liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be. 

(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding. 
 9.
Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation. 

(a) The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of directors of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any
provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in
the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation, Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy
by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right
or remedy. 

  
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 (b) To the extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the
Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. If, at
the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies. 
 (c) In the event of any payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the
Company to bring suit to enforce such rights. 
 (d) The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

(e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of
Expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. 
 10. Exception to
Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee: 

(a) for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or 
 (b) for an accounting of
profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or similar provisions of state statutory law or common law; or 
 (c) in connection with any Proceeding (or any part of
any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the
Proceeding (or any part of any Proceeding), (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise authorized by Section 8(d) hereof, or
(iv) otherwise required by applicable law. 

  
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 11. Duration of Agreement. All agreements and obligations of the Company contained
herein shall continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any Proceeding commenced under Section 8 hereof) by reason of Indemnitee’s Corporate Status, whether or not
he is acting or serving in any such capacity at the time any liability or Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and
personal and legal representatives. 
 12. Security. To the extent requested by Indemnitee and approved by the Board, the Company may
at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be
revoked or released without the prior written consent of the Indemnitee. 
 13. Enforcement. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in
order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company. 

(b) Without limiting any of the rights of the Indemnitee under the Certificate of Incorporation or Bylaws, this Agreement constitutes the
entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

14. Definitions. For purposes of this Agreement: 

(a) A “Change in Control” shall be deemed to have occurred if, on or after the date of this Agreement,
(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting in such capacity or a
corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then
outstanding voting securities, (ii) during any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board and any new director whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of the 

  
 11 

 
Company approve a merger or consolidation of the Company with any other corporation other than a merger or consolidation which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least eighty percent (80%) of the total voting power represented by the voting
securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of (in one transaction or a series of related transactions) all or substantially all of the Company’s assets. 

(b) “Corporate Status” describes the status of a person who (i) is or was an officer or director of the Company,
or (ii) while serving as an officer or director of the Company, is or was an officer or director of any subsidiary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that
such person is or was serving at the express written request of the Company. 
 (c) “Disinterested Director” means a
director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 
 (d)
“Enterprise” means the Company, any subsidiary of the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written
request of the Company as a director, officer, employee, agent or fiduciary. 
 (e) “Expenses” include all
reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a
request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the
actual or deemed receipt of any payments under this Agreement, including, without limitation, the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall
not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 
 (f) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any
matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a
claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such
counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

  
 12 

 (g) “Proceeding” includes any threatened, pending or completed
action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether
civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of Indemnitee’s Corporate Status, by reason of any action taken by Indemnitee or of any inaction on
Indemnitee’s part while acting in Indemnitee’s Corporate Status; in each case whether or not Indemnitee is acting or serving in any such capacity at the time any liability or Expense is incurred for which indemnification can be provided
under this Agreement; including one pending on or before the date of this Agreement. 
 15. Severability. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to
the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such
conflict. 
 16. Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding
unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver. 
 17. Notice By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or
otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not
relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company. 

18. Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day,
(c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt. All communications shall be sent: 
 (a) To Indemnitee at the address set forth below Indemnitee signature
hereto. 

  
 13 

 (b) To the Company at: 

AdTheorent Holding Company, Inc. 

330 Hudson Street, 13th Floor 

New York, NY 10013 
 Attention:
James Lawson 
 Email: jim@adtheorent.com 
 or
to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 
 19.
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and
delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

20. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction thereof. 
 21. Governing Law and Consent to Jurisdiction. This Agreement and the
legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally
(i) agree that any action or Proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal
court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or Proceeding arising out of or in connection with this Agreement,
(iii) waive any objection to the laying of venue of any such action or Proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or Proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum. 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement on and
as of the day and year first above written. 
  

			
	ADTHEORENT HOLDING COMPANY, INC.
		
	By:	 	 

             

 
			
	Name:	 	
	Title:	 	
	
	INDEMNITEE
	
	  

	 Name:

  

			
	                                      
                                         
                                         
        Address:	  	  

		  	  

		  	  

		  	  

	
	                                    
                                         
                                         
         Electronic Mail:
                                         
                                         
        

 [Signature Page to Indemnification Agreement]Exhibit 4.1

 

 

 

SECURITY AGREEMENT

 

This SECURITY
AGREEMENT (this “Agreement”), dated as of December 17, 2020, is made by and between SBUD LLC, a Colorado limited
liability company (“Buyer”), Medicine Man Technologies, Inc. (dba Schwazze), a Nevada corporation (“Parent,”
and together with Buyer, the “Company”), and Starbuds Alameda LLC (the “Secured Party”).

 

RECITALS

 

A.                
Pursuant to that certain Asset Purchase Agreement, dated as of June 5, 2020, among Buyer, Parent, the Secured Party and each equityholder
of the Secured Party, as amended by that certain Omnibus Amendment No. 1, dated as of September 15, 2020, among Buyer, Parent and each
signatory thereto designated as a seller, as further amended by that certain Omnibus Amendment No. 2 (the “Second Omnibus
Amendment”), dated as of December 17, 2020, among Buyer, Parent and each signatory thereto designated as a seller (the “Asset
Purchase Agreement”), the Company has agreed to make to the Secured Party the Deferred Cash Payment (as defined in the Asset
Purchase Agreement) in accordance with Section 3.3(a) of the Asset Purchase Agreement and the Interest Payments (as defined in the Asset
Purchase Agreement) in accordance with Section 3.3(b) of the Asset Purchase Agreement (together, the “Post- Closing Payment
Obligations”).

 

B.                 
To induce the Secured Party to enter into the Asset Purchase Agreement, the Company has agreed to grant to the Secured Party a
security interest in the Collateral (as defined herein) to secure the Post-Closing Payment Obligations to the Secured Party on the terms
and subject to the conditions set forth in this Agreement.

 

AGREEMENT

 

In consideration
of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

 

ARTICLE
1 DEFINITIONS

 

Section 1.1
Definitions. All capitalized terms not otherwise defined herein will have the meanings ascribed to them in the Asset Purchase Agreement.
As used herein, the following terms have the meanings set forth in this Section 1.1:

 

“Collateral” means the Buyer Collateral
and the Parent Collateral.

 

“Buyer
Collateral” means Buyer’s right, title and interest in and to all of the Buyer’s property and assets, real,
personal or mixed, tangible or intangible, of every kind and description, wherever located

 

“Parent
Collateral” means Parent’s right, title and interest in and to all of the Parent’s property and assets, real,
personal or mixed, tangible or intangible, of every kind and description, wherever located, which assets, for purposes of clarity, do
not include any of the Buyer Collateral.

 

 

 

    	 	1	 

     

    

 

“Permitted Liens”
(a) any lien for Taxes not yet due or delinquent or being contested in good faith by appropriate proceedings for which adequate
reserves have been established in accordance with GAAP, (b)  
any statutory lien arising in the ordinary course of business by operation of Law with respect to a Liability that is not yet
due or delinquent, (c) any lien granted in favor of any Seller (as defined in the Second Omnibus Amendment) or its equityholders
by Buyer, Parent or either of their respective affiliates (the “Star Buds Security Interests”) and (d)
the Senior Lien.

 

“Senior Lender” means Dye Capital
& Company LLC or its affiliates.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of Colorado on the date hereof.

 

ARTICLE
2 SECURITY INTEREST

 

Section 2.1            
Grant of Subordinated Security Interest. To secure the timely payment of the Post- Closing Payment Obligations, (a) the
Buyer hereby grants to the Secured Party a continuing, first priority security interest in all of the Buyer’s right, title and interest
in and to all presently existing and hereafter acquired Buyer Collateral and (b) the Parent hereby grants to the Secured Party
a continuing, second priority security interest in all of the Parent’s right, title and interest in and to all presently existing
and hereafter acquired Parent Collateral (clauses (a) and (b) collectively, the “Security Interest”), which
Security Interest is subject to and pari passu with the security interest granted by the Companies pursuant to the other Star Buds Security
Interests. The Security Interest granted in the foregoing clause (b), in a principal amount not to exceed $5,000,000, will be and hereby
expressly is subordinated and junior only to the security interest in the Parent Collateral granted to the Senior Lender in connection
with indebtedness in a principal amount not to exceed $5,000,000 (the “Senior Lien”). The Secured Party agrees,
on written request of Parent, to enter into an intercreditor agreement in form and substance that is commercially reasonable to the Secured
Party and the Senior Lender in connection with such subordination. The Parent agrees to cause existing and future lienholders other than
holders of Permitted Liens to enter into an intercreditor agreement in form and substance that is commercially reasonable to the Buyer
in connection with the subordination of the existing lienholders’ security interests in the Parent Collateral.

 

Section 2.2            
Limitations. Notwithstanding anything to the contrary herein, (a) the Security Interest will not include, and the payment,
performance and discharge of the Post-Closing Obligations will not be secured by any, (i) Regulatory Licenses or (ii) marijuana products,
including marijuana flower, trim, concentrate or infused product (“Marijuana Inventory”), in each case, with
respect to which the grant or enforcement (including transfer of ownership or possession) of the Security Interest on such Regulatory
Licenses or Marijuana Inventory by the Company to the Secured Party is prohibited by, or would result in the violation of, applicable
State of Colorado cannabis laws or the terms of any Regulatory License, provided, however, that the foregoing clause (a)
will in no way be construed so as to limit, impair or otherwise affect the Secured Party’s continuing Security Interest upon any
rights or interests of the Company in or to proceeds received by the Company resulting from the Regulatory License or Marijuana Inventory;
and (b) this Agreement will not limit or restrict the Company’s right to sell, transfer or otherwise dispose of any Marijuana
Inventory or other Collateral in the ordinary course of business.

 

Section 2.3             Representations
and Warranties. Each Company hereby represents and warrants that: (a) the Company’s legal name (as set forth in its constituent
documents filed with the appropriate governmental official or agency) is as set forth in the opening paragraph hereof; (b) the jurisdiction
of organization of Buyer is the State of Colorado and of Parent is Nevada; (c) the chief place of business of the Companies is located
at the address set forth in Section 3.3; (d) the Companies collectively have title to each item of Collateral (including the proceeds
and products thereof), free and clear of all liens except for the Security Interest and Permitted Liens; (e) as of the date of execution
of this Agreement, no effective financing statement or other similar document used to perfect and preserve a security interest under
the laws of any jurisdiction covering all or any part of the Collateral is on file in any recording office, except such as may have been
filed in favor of the Senior Lender, the Secured Party or in connection with the Star Buds Security Interests; (f) each Company has the
full power, authority and legal right to grant the Security Interest in the Collateral owned by it; and (g) this Agreement creates in
favor of the Secured Party a valid security interest in the Collateral, securing the Post-Closing Payment Obligations.

 

 

 

    	 	2	 

     

    

 

Section 2.4              Covenants. Each Company covenants as
follows:

 

(a)          
Names, Offices, Locations, Jurisdiction of Organization. The Company will not locate or relocate any item of Collateral
into any jurisdiction in which an additional financing statement would be required to be filed to maintain the Secured Party’s perfected
security interest in such Collateral. The Company will not change its name, the location of its chief place of business or its organizational
structure (including without limitation, its jurisdiction of organization).

 

(b)          
Title to Collateral. The Company will have at the time it acquires rights in Collateral hereafter acquired or arising and
will maintain so long as the Security Interest may remain outstanding, title to each item of Collateral (including the proceeds and products
thereof), free and clear of all liens except for the Security Interest and Permitted Liens. The Company will not license any Collateral.
The Company will defend the Collateral against all claims or demands of all Persons (other than the Secured Party and any other party
secured by the Star Buds Security Interests) claiming the Collateral or any interest therein.

 

(c)          
Maintenance of Collateral. The Company will use its reasonable efforts (1) to maintain the Collateral in good repair and
working order consistent with customary business practices, (2) to insure the Collateral against casualty and other risks consistent with
industry practices, (3) to pay and discharge all taxes, levies and costs of maintenance and repair in the ordinary course of business;
and (4) to timely pay all rent or mortgage payments of any kind as applicable to any real property upon which any part of the Collateral
is located. The Company hereby assigns to the Secured Party all rights to any proceeds of any insurance procured under this Section 2.4(c),
and authorizes the Secured Party to receive such payments and execute any and all documents required to receive such payments, but in
no event in excess of such Secured Party’s Pro Rata Base Price Amount (as defined in the Second Omnibus Amendment).

 

(d)          
Disposition of Collateral. The Company will not sell, lease or otherwise dispose of, or discount or factor with or without
recourse, any Collateral, except for the Marijuana Inventory in the ordinary course of the Business.

 

(e)           
Taxes and Claims. The Company will promptly pay all taxes and other governmental charges levied or assessed upon or against
any Collateral or upon or against the creation, perfection or continuance of the Security Interest, as well as all other claims of any
kind (including claims for labor, material and supplies) against or with respect to the Collateral, except to the extent (a) such taxes,
charges or claims are being contested in good faith by appropriate proceedings, (b) such proceedings do not involve any material danger
of the sale, forfeiture or loss of any of the Collateral or any interest therein and (c) 
such taxes, charges or claims are adequately reserved against on the Company’s books in accordance with generally accepted
accounting principles.

 

(f)            
Books and Records. The Company will keep and maintain at its own cost and expense satisfactory and complete records of the
Collateral.

 

(g)           
Notice of Loss. The Company will promptly notify the Secured Party of any loss of or material damage to any material item
of Collateral or of any substantial adverse change, known to Company, in any material item of Collateral.

 

(h)          
Further Assurances. The Company agrees that from time to time, at its expense, it will promptly execute and deliver all
further instruments and documents, and take all further action, that may be reasonably necessary or that the Secured Party may reasonably
request, in order to perfect and protect the Security Interest granted or purported to be granted hereby or to enable the Secured Party
to exercise and enforce its rights and remedies hereunder with respect to any Collateral in accordance with applicable law (but any failure
to request or assure that the Company execute and deliver such instrument or documents or to take such action shall not affect or impair
the validity, sufficiency or enforceability of this Agreement and the Security Interest, regardless of whether any such item was or was
not executed and delivered or action taken in a similar context or on a prior occasion). Without limiting the generality of the foregoing,
the Company will, promptly and from time to time at the request of the Secured Party, authorize such financing statements or continuation
statements in respect thereof, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the
Secured Party may reasonably request and shall, with respect to actions that a debtor, but not a secured party, may take, make such filings
with any Government Authority as may be reasonably necessary, in each case in order to perfect or preserve the Security Interest granted
or purported to be granted hereby.

 

 

 

    	 	3	 

     

    

 

Section 2.5             Perfection
of Collateral. The Secured Party may at any time during the Term (as defined herein) file UCC financing statements, continuation statements
and amendments thereto that describe the Collateral and contain any information required by the UCC or the applicable filing office with
respect to any such UCC financing statement, continuation statement or amendment thereof. The Company irrevocably waives any right to
notice of any such filing. Upon the reasonable request of the Secured Party, the Company will execute and deliver, and file and record
in the proper filing and recording places, as applicable, all such documents, and will take all such other action, as is reasonably necessary
for perfecting the Security Interest in the Collateral.

 

Section 2.6             Remedies
on Default. Upon the Company’s failure to pay any Post-Closing Payment Obligation when due (an “Event of Default”)
and at any time thereafter, subject to Section 2.1 (including the limitations set forth in the intercreditor agreement(s) referenced
therein) and Section 2.2, the Secured Party may do any or all of the following: (a) declare all Post-Closing Payment Obligations
immediately due and payable; and (b) exercise and enforce any and all rights and remedies available upon default to a secured party under
Article 9 of the Uniform Commercial Code as in effect in the State of Colorado. To the extent that applicable law imposes duties on the
Secured Party to exercise remedies in a commercially reasonable manner, the Company acknowledges and agrees that it is not commercially
unreasonable for the Secured Party (x) to incur or fail to incur expenses reasonably deemed necessary by the Secured Party to prepare
the Collateral for disposition; (y) if permitted by applicable law, to dispose of the Collateral by utilizing Internet sites that provide
for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers
and sellers of assets; or (z) to purchase insurance covering the Collateral.

 

ARTICLE
3 MISCELLANEOUS

 

Section 3.1             Term of Agreement. This Agreement and the Security Interest will terminate on the date on which the Post-Closing Payment Obligations
have been satisfied in full pursuant to the terms and subject to the conditions of the Asset Purchase Agreement (the “Term”).
Upon any such termination, the Secured Party shall execute and deliver to the Company, at the Company’s expense, such documents
(including UCC-3 termination statements) as the Company reasonably requests, the form and substance of which will be reasonably satisfactory
to the Secured Party, to evidence such termination of the Security Interest.

 

Section 3.2              Amendment;
Waiver. Neither this Agreement nor any provision hereof may be amended, modified or supplemented unless in writing, executed by each
party hereto. Except as otherwise expressly provided herein, no waiver with respect to this Agreement will be enforceable unless in writing
and signed by the party against whom enforcement is sought. Except as otherwise expressly provided herein, no failure to exercise, delay
in exercising, or single or partial exercise of any right, power or remedy by any party, and no course of dealing between or among any
of the parties, will constitute a waiver of, or will preclude any other or further exercise of, any right, power or remedy.

 

Section 3.3             Notices.
Any notice, request, instruction or other document to be given hereunder by a party hereto will be in writing and will be deemed to have
been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested); (c) on the date sent by email of a .pdf document (with confirmation of transmission)
if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient;
or (d) on the third (3rd) Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.

 

 

 

    	 	4	 

     

    

 

	 	If to the Secured Party:	7030 E 46th Ave Dr, Unit F
	 	 	Denver, Colorado 80216
	 	 	Attn: Brian Ruden
	 	 	E-mail: brian@starbuds.us
	 	 	 
	 	with a copy (which will	Dorsey & Whitney LLP
	 	not constitute notice) to:	1400 Wewatta Street, Suite 400
	 	 	Denver, Colorado 80202
	 	 	Attn:
Kenneth Sam, esq.
	 	 	E-mail: sam.kenneth@dorsey.com
	 	 	 
	 	If to the Company:	SBUD LLC
	 	 	c/o Medicine Man Technologies, Inc. 
	 	 	Attn: Dan Pabon
	 	 	4880 Havana Street, Suite 201
	 	 	Denver, Colorado 80239
	 	 	E-mail: dan@medicinemantechnologies.com
	 	 	 
	 	with a copy (which will	Perkins Coie LLP 
	 	not constitute notice) to:	Attn: Kester Spindler
	 	 	1900 Sixteenth Street, Suite 1400
	 	 	Denver, Colorado 80202
	 	 	E-mail: kspindler@perkinscoie.com

 

Section 3.4             Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Law,
but if any provision of this Agreement is held to be prohibited by or invalid under applicable Law, such provision will be ineffective
only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

Section 3.5             Assignment; Successors and Assigns. Except as otherwise provided herein, the provisions hereof will inure to the benefit of, and
be binding upon, the successors and permitted assigns of the parties hereto. No party hereto may assign its rights or delegate its obligations
under this Agreement without the prior written consent of the other parties hereto; provided that the Company may assign this Agreement
or any of its rights, interests or obligations hereunder to any assignee of the Company’s rights or obligations under the Asset
Purchase Agreement.

 

Section 3.6             Entire
Agreement. This Agreement, the Asset Purchase Agreement and the Ancillary Documents delivered pursuant to the Asset Purchase Agreement
constitute the full and entire understanding and agreement between the parties with regard to the subject matter hereof and thereof and
supersede and cancel all prior representations, alleged warranties, statements, negotiations, undertakings, letters, acceptances, understandings,
contracts and communications, whether verbal or written among the parties hereto and thereto or their respective agents with respect to
or in connection with the subject matter hereof.

 

 

 

    	 	5	 

     

    

 

Section 3.7             Governing Law; Submission to Jurisdiction;
Waiver of Jury Trial.

 

(a)           
This Agreement will be governed by and construed in accordance with the internal Laws of the State of Colorado without giving effect
to any choice or conflict of law provision or rule (whether of the State of Colorado or any other jurisdiction).

 

(b)          
ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE
INSTITUTED IN THE COURTS OF THE STATE OF COLORADO IN EACH CASE LOCATED IN THE CITY AND COUNTY OF DENVER, AND EACH PARTY IRREVOCABLY SUBMITS
TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT
BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING
BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION
OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(c)           
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS
AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (ii) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS
OF THIS WAIVER, (iii) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (v) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.7.

 

Section 3.8             Execution. This Agreement may be executed in two (2) or more counterparts and electronically, all of which when taken together
will be considered one (1) and the same original agreement and will become effective when counterparts have been signed by each party
and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or by email delivery of a “.pdf” format data file, such signature will create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
facsimile or “.pdf” signature page were an original.

 

Section 3.9             No Third-Party Beneficiaries.
Nothing in this Agreement will confer any third- party beneficiary or other rights upon any person or any entity that is not a party to
this Agreement.

 

 

 

[Signature Page Follows]

 

 

 

    	 	6	 

     

    

 

The parties hereto have duly executed
this Subordinated Security Agreement as of the date first set forth above.

 

 

 

	 	THE COMPANY:
	 	 
	 	SBUD LLC
	 	 
	 	By: Schwazze Colorado LLC, the sole manager

      of SBUD LLC

	 	 
	 	By: Medicine Man Technologies, Inc. (d/b/a

      Schwazze), the sole manager of Schwazze

      Colorado LLC

	 	 
	 	By: /s/ Justin Dye                     
	 	Name: Justin Dye
	 	Title:
Chief Executive Officer
	 	 
	 	THE SECURED PARTY:
	 	 
	 	STARBUDS ALAMEDA LLC
	 	 
	 	By: /s/ Brian Ruden                   
	 	Name: Brian Ruden
	 	Title: Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Subordinated Security Agreement]

 

 

 

    	 	7

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