Document:

Exhibit 10.3

 

FORM OF SUBSCRIPTION AGREEMENT

 

MCAP Acquisition Corporation

311 South Wacker Drive, Suite 6400

Chicago, Illinois 60606

 

Ladies and Gentlemen:

 

In connection with the proposed
business combination (the “Transaction”) between MCAP Acquisition Corporation, a Delaware corporation (the “Company”),
and AdTheorent Holding Company, LLC, a Delaware limited liability company (“AdTheorent”), the undersigned desires to
subscribe for and purchase from the Company, and the Company desires to sell to the undersigned, that number of shares of the Company’s
Class A common stock, par value $0.0001 per share (the “Common Stock”), set forth on the signature page hereof
for a purchase price of $10.00 per share (the “Per Share Price” and the aggregate of such Per Share Price for all shares
subscribed for by the undersigned being referred to herein as the “Purchase Price”), on the terms and subject to the
conditions contained herein. In connection with the Transaction, certain other “qualified institutional buyers” (as defined
in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)) or institutional “accredited
investors” (as defined in Rule 501 of Regulation D under the Securities Act and satisfies any private placement requirements
applicable in any non-U.S. jurisdiction where the shares of Common Stock may be offered) have entered into separate subscription agreements
with the Company (the “Other Subscription Agreements”), pursuant to which such investors (the “Other Subscribers”)
have, together with the undersigned pursuant to this Subscription Agreement, agreed to purchase an aggregate of 10,000,000 (or such other
amount as the Company and AdTheorent shall mutually agree) shares of Common Stock at the Per Share Price (the undersigned being referred
to sometimes herein as a “Subscriber” and together with the Other Subscribers, the “Subscribers”).
In connection therewith, the undersigned and the Company agree as follows:

 

1. Subscription.
Subject to the provisions of Section 2 hereof, the undersigned hereby irrevocably subscribes for and agrees to purchase from the
Company such number of shares of Common Stock as is set forth on the signature page of this Subscription Agreement on the terms and
subject to the conditions provided for herein (the “Shares”). The undersigned understands and agrees that the undersigned’s
subscription for the Shares shall be deemed to be accepted by the Company if and when this Subscription Agreement is signed and delivered
by a duly authorized person by or on behalf of the Company; the Company may do so in counterpart form. Notwithstanding anything herein
to the contrary, the undersigned shall have no obligation to fund the Purchase Price unless the gross proceeds raised in the offering
of the shares of Common Stock to the undersigned and the Other Subscribers upon its consummation shall equal at least $100,000,000 (or
such other amount as the Company and AdTheorent shall mutually agree).

 

For the purposes of this Subscription
Agreement, “business day” means any other day than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York
is closed.

 

2. Closing. The
closing of the sale of the Shares contemplated hereby (the “Subscription Closing”) is contingent upon the substantially
concurrent consummation of the Transaction (the “Transaction Closing”). The Subscription Closing shall occur on the
date of, and immediately prior to, the Transaction Closing (the “Transaction Closing Date”). Not less than seven business
days prior to the scheduled Transaction Closing Date, the Company shall provide written notice to the undersigned (the “Closing
Notice”) (i) of such scheduled Transaction Closing Date, (ii) that the Company reasonably expects all conditions to
the closing of the Transaction to be satisfied or waived, and (iii) wire instructions for delivery of the Purchase Price to the Company.
The undersigned shall deliver to the Company, at least two business days prior to the Transaction Closing Date specified in the Closing
Notice, the Purchase Price by wire transfer of United States dollars in immediately available funds to the account specified by the Company
in the Closing Notice, such Purchase Price to be held by the Company in trust for the benefit of the undersigned until the Subscription
Closing (with the undersigned being treated as the beneficial owner of the Purchase Price until the Subscription Closing). On the Transaction
Closing Date, the Company shall deliver (or cause the delivery of) to the undersigned (i) the Shares in book-entry form with restrictive
legends, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws
as set forth herein), in the name of the undersigned (or its nominee in accordance with its delivery instructions) or to a custodian designated
by the undersigned, as applicable, and (ii) a copy of the records of the Company’s transfer agent showing the undersigned (or
such nominee or custodian) as the owner of the Shares on and as of the Transaction Closing Date. Upon delivery of the Shares to the undersigned
(or its nominee or custodian, if applicable), the Purchase Price shall cease to be held by the Company in trust for the benefit of the
undersigned and shall be owned absolutely by the Company.

 

     

     

    

 

If the Transaction Closing
does not occur within two business days after the Transaction Closing Date specified in the Closing Notice, the Company shall promptly
(but not later than one business day thereafter) return the Purchase Price to the undersigned by wire transfer of U.S. dollars in immediately
available funds to the account specified by the undersigned. Furthermore, if the Transaction Closing does not occur on the same day as
the Subscription Closing, the Company shall promptly (but not later than one business day thereafter) return the Purchase Price to the
undersigned without any deduction for or on account of any tax, withholding, charges, or set-off by wire transfer of U.S. dollars in immediately
available funds to the account specified by the undersigned, and any book-entries and, if applicable, certificated shares, shall be deemed
cancelled (and, in the case of certificated shares, the undersigned shall promptly return such certificates to the Company or, as directed
by the Company, to the Company’s representative or agent).

 

3. Closing Conditions.

 

a. The obligations of the Company
to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription Closing:

 

	 	i.	all representations and warranties of the undersigned contained in this Subscription Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality, which representations and warranties shall be true and correct in all respects) at and as of the Subscription Closing as though made on the Subscription Closing (except for those representations and warranties that speak as of a specific date, which shall be so true and correct in all material respects as of such specified date), and consummation of the Subscription Closing shall constitute a reaffirmation by the undersigned of each of the representations, warranties and agreements of the undersigned contained in this Subscription Agreement as of the Subscription Closing, but in each case without giving effect to consummation of the Transaction; and

 

	 	ii.	the undersigned shall have performed or complied in all material respects with all agreements and covenants required by this Subscription Agreement.

 

b. The obligations of the undersigned
to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription Closing:

 

	 	i.	all representations and warranties of the Company contained in this Subscription Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined herein), which representations and warranties shall be true and correct in all respects) at and as of the Subscription Closing as though made on the Subscription Closing (except for those representations and warranties that speak as of a specific date, which shall be so true and correct in all material respects as of such specified date), and consummation of the Subscription Closing shall constitute a reaffirmation by the Company of each of the representations, warranties and agreements of the Company contained in this Subscription Agreement as of the Subscription Closing, but in each case without giving effect to consummation of the Transaction;

 

	 	ii.	the Company shall have performed or complied in all material respects with all agreements and covenants required by this Subscription Agreement; and

 

	 	iii.	no amendment, modification or waiver of the Transaction Agreement (as defined below) shall have occurred that reasonably would be expected to materially and adversely affect the economic benefits that the Subscriber reasonably would expect to receive under this Subscription Agreement.

 

     

     

    

 

c. The obligations of each of
the Company and the undersigned to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription
Closing:

 

	 	i.	no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint or prohibition;

 

	 	ii.	all conditions precedent to the closing of the Transaction set forth in the Transaction Agreement, including the approval of the Company’s stockholders and regulatory approvals, if any, shall have been satisfied or waived (other than those conditions which, by their nature, are to be satisfied by a party to the Transaction Agreement at the closing of the Transaction, but subject to satisfaction or waiver pursuant to the terms of the Transaction Agreement); and

 

	 	iii.	the Shares shall have been approved for listing on the Nasdaq Stock Market, subject to notice of official issuance, and no suspension of the qualification of the Shares for offering or trading in any jurisdiction, or initiation or threatening of any proceedings for any of such purposes, shall have occurred and be continuing.

 

4. Further Assurances.
At the Subscription Closing, the parties hereto shall execute and deliver or cause to be executed and delivered such additional documents
and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the subscription
as contemplated by this Subscription Agreement.

 

5. Company Representations
and Warranties. For purposes of this Section 5, the term “Company” shall refer to the Company as of the date hereof
and, for purposes of only the representations contained in paragraphs (h), (l) and (p) of this Section 5 and to the extent
such representations and warranties are made as of the Transaction Closing Date, the Company and its subsidiaries after giving effect
to the Transaction. The Company represents and warrants to the undersigned that:

 

a. The Company is validly existing
and is in good standing under the laws of the State of Delaware, with corporate power and authority to own, lease and operate its properties
and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

b. The Shares have been duly
authorized by the Company and, when issued and delivered to the undersigned against full payment therefor in accordance with the terms
of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation
of or subject to any preemptive or similar rights created under the Company’s Amended and Restated Certificate of Incorporation,
by-laws or any shareholders’, investor rights or similar agreement to which it is a party or under the laws of the State of Delaware.

 

c. As of the date hereof, the
authorized capital stock of the Company consists of (i) 200,000,000 shares of Common Stock, (ii) 20,000,000 shares of Class B
Common Stock, par value $0.0001 per share (the “Class B Common Stock”), and (iii) 1,000,000 shares of preferred
stock, par value $0.0001 per share (“Preferred Stock”). As of the date hereof and as of immediately prior to the Subscription
Closing and the Transaction Closing: (A) 31,625,000 shares of Common Stock are issued and outstanding, (B) 7,906,250 shares
of Class B Common Stock are issued and outstanding, (C) no shares of Preferred Stock are issued and outstanding and (D) 5,983,333
private placement warrants to purchase Common Stock (the “Private Placement Warrants”) are issued and outstanding and
5,983,333 shares of Common Stock are issuable in respect of such Private Placement Warrants, and (E) 10,541,667 public warrants to
purchase Common Stock (the “Public Warrants”) are issued and outstanding and 10,541,667 shares of Common Stock are
issuable in respect of such Public Warrants. Each Private Placement Warrant and Public Warrant is exercisable for one share of Common
Stock at an exercise price of $11.50 per share. As of the date hereof, other than the Merger Sub Entities (as defined in the Transaction
Agreement) (each of which was formed for purposes of effecting the Transaction), the Company has no subsidiaries and does not own, directly
or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. As of the date
hereof, except as set forth above and pursuant to (i) the Other Subscription Agreements, and (ii) the Transaction Agreement,
there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company any shares of Common
Stock or other equity interests in the Company (collectively, “Equity Interests”) or securities convertible into or
exchangeable or exercisable for Equity Interests, other than working capital promissory notes issued to the Sponsor or its affiliate.
There are no securities or instruments issued by or to which the Company is a party containing anti-dilution or similar provisions that
will be triggered by the issuance of (i) the Shares or (ii) the shares of Common Stock to be issued pursuant to any Other Subscription
Agreement, in each case, that have not been or will not be validly waived on or prior to the Subscription Closing.

 

     

     

    

 

d. The Shares are not, and following
the Transaction Closing and the Subscription Closing will not be, subject to any Transfer Restriction. The term “Transfer Restriction”
means any condition to or restriction on the ability of the undersigned to pledge, sell, assign or otherwise transfer the Shares under
any organizational document, policy or agreement of, by or with the Company, but excluding the restrictions on transfer described in paragraph
6(c) of this Subscription Agreement with respect to the status of the Shares as “restricted securities” pending their
registration for resale or transfer under the Securities Act in accordance with the terms of this Subscription Agreement.

 

e. This Subscription Agreement
and the Transaction Agreement have been duly authorized, executed and delivered by the Company and are the legally binding obligations
of the Company and are enforceable in accordance with their respective terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
and (ii) principles of equity, whether considered at law or equity.

 

f. The execution, delivery and
performance of the Subscription Agreement, the issuance and sale of the Shares and the compliance by the Company with all of the provisions
of this Subscription Agreement and the consummation of the transactions herein will not conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance
upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage,
deed of trust, loan or credit agreement, guarantee, note, bond, permit, lease, license or other agreement or instrument to which the Company
or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets
of the Company is subject, which would reasonably be expected to have a material adverse effect on the business, properties, financial
condition, stockholders’ equity or results of operations of the Company (a “Material Adverse Effect”) or materially
affect the validity of the Shares or the legal authority or ability of the Company to comply in all material respects with the terms of
this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of the Company; or (iii) result
in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency, taxing authority
or regulatory body, domestic or foreign, having jurisdiction over the Company or any of its properties that would reasonably be expected
to have a Material Adverse Effect or materially affect the validity of the Shares or the legal authority of the Company to comply with
this Subscription Agreement.

 

g. Assuming the accuracy of
the undersigned’s representations and warranties set forth in Section 6 of this Subscription Agreement, the Company is not
required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court
or other federal, state, local or other governmental authority, self-regulatory organization (including the Nasdaq Stock Market (“Nasdaq”))
or other person in connection with the execution, delivery and performance of this Subscription Agreement (including, without limitation,
the issuance of the Shares), other than (i) filings with the Securities and Exchange Commission (the “Commission”),
(ii) filings required by applicable state securities laws, (iii) filings required by Nasdaq, including with respect to obtaining
shareholder approval, (iv) filings required to consummate the Transaction as provided under the definitive documents relating to
the Transaction, including any filings required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and (v) where
the failure of which to obtain would not be reasonably likely to have a Material Adverse Effect or have a material adverse effect on the
Company’s ability to consummate the transactions contemplated hereby, including the issuance and sale of the Shares.

 

h. The Company is in compliance
with all applicable law, except where such non-compliance would not have a Material Adverse Effect. The Company has not received any written
communication from a governmental entity that alleges that the Company is not in compliance with or is in default or violation of any
applicable law, except where such non-compliance, default or violation would not be reasonably likely to have, individually or in the
aggregate, a Material Adverse Effect.

 

     

     

    

 

i. The issued and outstanding
shares of Common Stock of the Company are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and are listed for trading on Nasdaq under the symbol “MACQ” (it being understood
that the trading symbol will be changed in connection with the Transaction Closing to reflect the name of the surviving company). Except
as disclosed in the Company’s filings with the Commission, there is no suit, action, proceeding or investigation pending or, to
the knowledge of the Company, threatened against the Company by Nasdaq or the Commission, respectively, to prohibit or terminate the listing
of the Company’s Common Stock on Nasdaq or to deregister the Common Stock under the Exchange Act. The Company has taken no action
that is designed to terminate the registration of the Common Stock under the Exchange Act.

 

j. Assuming the accuracy of
the undersigned’s representations and warranties set forth in Section 6 of this Subscription Agreement, no registration under
the Securities Act is required for the offer and sale of the Shares by the Company to the undersigned.

 

k. A copy of each form, report,
statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by the Company with the Commission since
its initial registration of the Common Stock under the Exchange Act (the “SEC Documents”) is available to the undersigned
via the Commission’s EDGAR system, which SEC Documents, as of their respective filing dates, complied in all material respects with
the requirements of the Exchange Act applicable to the SEC Documents and the rules and regulations of the Commission promulgated
thereunder applicable to the SEC Documents. None of the SEC Documents contained, when filed or, if amended, as of the date of such amendment
with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided,
that with respect to the information about the Company’s affiliates contained in the Schedule 14A and related proxy materials (or
other SEC document) to be filed by the Company the representation and warranty in this sentence is made to the Company’s knowledge.
The Company has timely filed each report, statement, schedule, prospectus, and registration statement that the Company was required to
file with the Commission since its initial registration of the Common Stock under the Exchange Act. The financial statements of the Company
included in the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing and fairly present in all material respects the financial position
of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the
case of unaudited statements, to normal, year-end audit adjustments. There are no material outstanding or unresolved comments in comment
letters from the staff of the Division of Corporation Finance (the “Staff”) of the Commission with respect to any of
the SEC Documents.

 

l. Except for such matters as
have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, there is no (i) action,
suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of the Company, threatened
against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against
the Company.

 

m. Other than the Other Subscription
Agreements, the Company has not entered into any side letter or similar agreement with any Other Subscriber or investor in connection
with such Other Subscriber’s or other investor’s direct or indirect investment in the Company, and such Other Subscription
Agreements have not been amended in any material respect following the date of this Subscription Agreement and reflect the same Per Share
Purchase Price.

 

n. The Company acknowledges
and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by the Subscriber in connection with a bona
fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Shares hereunder, and the Subscriber effecting
a pledge of Shares shall not be required to provide the Company with any notice thereof or otherwise make any delivery to the Company
pursuant to this Subscription Agreement; provided that such pledge shall be (i) pursuant to an available exemption from the registration
requirements of the Securities Act or (ii) pursuant to, and in accordance with, a registration statement that is effective under
the Securities Act at the time of such pledge.

 

     

     

    

 

o. Neither the Company, nor
any person acting on its behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers
to buy any Company security under circumstances that would adversely affect reliance by the Company on Section 4(a)(2) of the
Securities Act for the exemption from registration of the offer and sale of the Shares or would require registration of the issuance of
the Shares under the Securities Act.

 

p. The Company is not, and immediately
after receipt of payment for the Shares will not be, an “investment company” within the meaning of the Investment Company
Act of 1940, as amended.

 

q. The Company is not in default
or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) of any
term, condition or provision of (i) the Company’s charter documents, (ii) any loan or credit agreement, note, bond, mortgage,
indenture, lease or other agreement, permit, franchise or license to which the Company is now a party or by which the Company’s
properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation of any court or governmental
agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties, except, in the case of clauses (ii) and
(iii), for defaults or violations that have not had and would not be reasonably likely to have, individually or in the aggregate, a Material
Adverse Effect.

 

6. Subscriber Representations
and Warranties. The undersigned represents and warrants to the Company that:

 

a. The undersigned is a “qualified
institutional buyer” (within the meaning of Rule 144A under the Securities Act), or is an institutional “accredited investor”
(as defined in Rule 501 of Regulation D under the Securities Act and satisfies any private placement requirements applicable in any
non-U.S. jurisdiction where the shares of Common Stock may be offered), in each case, satisfying the requirements set forth on Schedule
A, and is acquiring the Shares only for his, her or its own account and not for the account of others, and not on behalf of any other
account or person or with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities
Act (and shall provide the requested information on Schedule A following the signature page hereto). The undersigned
understands that the Company is relying on the above statement to confirm that the offering of the Shares meets the exemptions from filing
under FINRA Rule 5123(b)(1)(C) or (J).

 

b. The undersigned (i) is
an institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in investing in private
equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions and
investment strategies involving a security or securities and (iii) has exercised independent judgment in evaluating its participation
in the purchase of the Shares. The undersigned understands that the Company is relying on the above statement to confirm that the offering
of the Shares meets (x) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (y) the institutional customer
exemption under FINRA Rule 2111(b).

 

c. The undersigned understands
that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that
the Shares have not been registered under the Securities Act. The undersigned understands that the Shares may not be resold, transferred,
pledged or otherwise disposed of by the undersigned absent an effective registration statement under the Securities Act except (i) to
the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within
the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements
of the Securities Act, and in each of cases (i) and (iii) in accordance with any applicable securities laws of the states and
other jurisdictions of the United States, and that any certificates or book-entry positions representing the Shares shall contain a legend
to such effect. The undersigned acknowledges that the Shares will not be immediately eligible for resale or transfer pursuant to Rule 144
promulgated under the Securities Act, that Rule 144 will not be available until 12 months following the closing and, as a result,
the undersigned may not be able to readily resell or transfer the Shares and may be required to bear the financial risk of an investment
in the Shares for an indefinite period of time. The undersigned understands that it has been advised to consult legal counsel prior to
making any offer, resale, pledge or transfer of any of the Shares.

 

d. The undersigned understands
and agrees that the undersigned is purchasing Shares directly from the Company. The undersigned further acknowledges that there have been
no representations, warranties, covenants and agreements made to the undersigned by the Company, its officers or directors, or any other
party to the Transaction or person or entity, expressly or by implication, other than those representations, warranties, covenants and
agreements included in this Subscription Agreement.

 

     

     

    

 

e. Either (i) the undersigned
is not a Benefit Plan Investor as contemplated by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
or (ii) the undersigned’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA, Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law.

 

f. The undersigned acknowledges
and agrees that the undersigned has received and has had an adequate opportunity to review, such financial and other information as the
undersigned deems necessary in order to make an investment decision with respect to the Shares and made its own assessment and is satisfied
concerning the relevant tax and other economic considerations relevant to the undersigned’s investment in the Shares. Without limiting
the generality of the foregoing, the undersigned acknowledges that it has reviewed (i) the SEC Documents, (ii) the Transaction
Agreement, a copy of which will be filed by the Company with the SEC, and (iii) the investor presentation by the Company and AdTheorent,
a copy of which will be furnished by the Company to the SEC ((i), (ii) and (iii) together, the “Investor Disclosure
Package”). The undersigned represents and agrees that the undersigned and the undersigned’s professional advisor(s), if
any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the undersigned and such
undersigned’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares.
The undersigned further acknowledges that the Investor Disclosure Package and any other information provided to the undersigned is preliminary
and subject to change and the Company is under no obligation to inform the undersigned regarding any such changes, except to the extent
such changes would reasonably be expected to cause the failure of the Company to satisfy a condition to the Subscriber’s obligations
at the Subscription Closing. Except for the representations, warranties and agreements of the Company and AdTheorent set forth in this
Subscription Agreement, the undersigned is relying exclusively on its own sources of information, investment analysis and due diligence
(including professional advice it may deem appropriate) with respect to the Shares and the business, condition (financial and otherwise),
management, operations, properties and prospects of AdTheorent and the Company, including but not limited to all business, legal, regulatory,
accounting, credit and tax matters.

 

g. The undersigned became aware
of this offering of the Shares solely by means of direct contact between the undersigned and the Company or a representative of the Company,
and the Shares were offered to the undersigned solely by direct contact between the undersigned and the Company or a representative of
the Company. The undersigned did not become aware of this offering of the Shares, nor were the Shares offered to the undersigned, by any
other means. The undersigned acknowledges that the Company represents and warrants that the Shares (i) were not offered by any form
of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in
a distribution in violation of, the Securities Act, or any state securities laws. The undersigned has a substantive pre-existing relationship
with the Company, AdTheorent or their affiliates or a Placement Agent (as defined below) for the offering of the Shares. The undersigned
acknowledges that certain information provided to the undersigned was based on projections, and such projections were prepared based on
assumptions and estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive
risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The undersigned
acknowledges that such information and projections were prepared without the participation of the Placement Agents and that the Placement
Agents do not assume responsibility for independent verification of, or the accuracy or completeness of, such information or projections.

 

h. The undersigned acknowledges
that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including those set forth in the
Investor Disclosure Package. The undersigned is able to fend for himself, herself or itself in the transactions contemplated herein, has
such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in
the Shares and has the ability to bear the economic risks of such investment in the Shares, will not look to the Placement Agents for
all or any part of such loss or losses the undersigned may suffer, can afford a complete loss of such investment, has no need for liquidity
with respect to its investment in the Shares and has no reason to anticipate any change in circumstances, financial or otherwise, that
may cause or require any sale or distribution of all or any part of the Shares. The undersigned has sought such accounting, legal and
tax advice as the undersigned has considered necessary to make an informed investment decision.

 

     

     

    

 

i. Alone, or together with any
professional advisor(s), the undersigned has adequately analyzed and fully considered the risks of an investment in the Shares and determined
that the Shares are a suitable investment for the undersigned and that the undersigned is able at this time and in the foreseeable future
to bear the economic risk of a total loss of the undersigned’s investment in the Company. The undersigned acknowledges specifically
that a possibility of total loss exists.

 

j. In making its decision to
purchase the Shares, the undersigned has relied solely upon independent investigation made by the undersigned and the representations,
warranties and covenants contained herein and has independently made its own analysis and decision to enter into this Subscription Agreement
and purchase the Shares, in each case, based on such information as the undersigned has deemed appropriate and without reliance upon any
of the Placement Agents or any of their affiliates. Without limiting the generality of the foregoing, the undersigned is not relying upon,
and has not relied upon, any statement, representation, warranty or other information provided by the Placement Agents or any of their
respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing
concerning the Company, AdTheorent, the Transaction, the Transaction Agreement, this Subscription Agreement or the Shares or the offer
and sale of the Shares. No Placement Agent shall have any liability or obligation (including without limitation, for or with respect to
any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by the
undersigned, the Company or any other person or entity), whether in contract, tort or otherwise, to the undersigned, or to any person
claiming through the undersigned, in respect of the Transaction except for such Placement Agent’s own gross negligence, willful
misconduct or bad faith.

 

k. The undersigned acknowledges
that the Placement Agents: (i) have not provided the undersigned with any information, recommendation or advice with respect to the
Shares; (ii) have not made and do not make any representation, express or implied as to the Company, AdTheorent, AdTheorent’s
credit quality, the Shares or the undersigned’s purchase of the Shares; (iii) have not acted as the undersigned’s financial
advisor or fiduciary in connection with the issue and purchase of Shares; (iv) may have acquired, or during the term of the Shares
may acquire, non-public information with respect to the Company, which, subject to the requirements of applicable law, the undersigned
agrees need not be provided to it; (v) may have existing or future business relationships with the Company and AdTheorent (including,
but not limited to, lending, depository, risk management, advisory and banking relationships) and will pursue actions and take steps that
it deems or they deem necessary or appropriate to protect its or their interests arising therefrom without regard to the consequences
for a holder of Shares, and that certain of these actions may have material and adverse consequences for a holder of Shares; and (vi) none
of the Placement Agents will have any responsibility to the undersigned with respect to (x) any representations, warranties or agreements
made by any person or entity under or in connection with the Subscription Agreement or any of the documents furnished pursuant thereto
or in connection therewith, or the execution, legality, validity or enforceability (with respect to any person) thereof, or (y) the
business, affairs, financial condition, operations, properties or prospects of, or any other matter concerning, the Company, AdTheorent
or the Transaction.

 

l. The undersigned acknowledges
that it has not relied on the Placement Agents in connection with its determination as to the legality of its acquisition of the Shares
or as to the other matters referred to herein and the undersigned has not relied on any investigation that the Placement Agents, any of
their respective affiliates or any person acting on their behalf have conducted with respect to the Shares, the Company or AdTheorent.
The undersigned further acknowledges that it has not relied on any information contained in any research reports prepared by the Placement
Agents or any of their respective affiliates.

 

m. The undersigned understands
and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares or made any findings or
determination as to the fairness of this investment.

 

n. The undersigned is validly
existing in good standing under the laws of its jurisdiction of incorporation or formation.

 

     

     

    

 

o. The execution, delivery and
performance by the undersigned of this Subscription Agreement and the transactions contemplated herein are within the powers and authority
of the undersigned, have been duly authorized and will not constitute or result in a breach, violation or default under or conflict with
any statute, order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement
or other undertaking, to which the undersigned is a party or by which the undersigned is bound, and, if the undersigned is not an individual,
will not violate any provisions of the undersigned’s charter documents, including, without limitation, its incorporation or formation
papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement
is genuine, and the signatory, if the undersigned is an individual, has legal competence and capacity to execute the same or, if the undersigned
is not an individual, the signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes a legal,
valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its terms, except as may be limited
or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to
or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

p. Neither the due diligence
investigation conducted by the undersigned in connection with making its decision to acquire the Shares nor any representations and warranties
made by the undersigned herein shall modify, amend or affect the undersigned’s right to rely on the truth, accuracy and completeness
of the Company’s representations and warranties contained herein.

 

q. The undersigned is not (i) a
person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s
Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the United States and
administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated
National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing
banking services indirectly to a non-U.S. shell bank. The undersigned agrees to provide law enforcement agencies, if requested thereby,
such records as required by applicable law, provided that the undersigned is permitted to do so under applicable law. If the undersigned
is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of
2001, and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the undersigned maintains policies and
procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, it maintains
policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC
List. To the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by the undersigned
and used to purchase the Shares were legally derived.

 

r. If the undersigned is an
employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other arrangement that is subject
to Section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in Section 3(32) of ERISA),
a church plan (as defined in Section 3(33) of ERISA), a non-U.S. plan (as described in Section 4(b)(4) of ERISA), or other
plan that is not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S., or other laws
or regulations that are similar to such provisions of ERISA or the Code, or an entity whose underlying assets are considered to include
 “plan assets” of any such plan, account, or arrangement (each, a “Plan”) subject to the fiduciary or prohibited
transaction provisions of ERISA or Section 4975 of the Code, the undersigned represents and warrants that neither the Company nor
any of its affiliates (the “Transaction Parties”) has acted as the Plan’s fiduciary, or has been relied on for
advice, with respect to its decision to acquire and hold the Shares, and none of the Transaction Parties shall at any time be relied upon
as the Plan’s fiduciary with respect to any decision to acquire, continue to hold, or transfer the Shares.

 

s. The undersigned acknowledges
that no disclosure or offering document has been prepared by BofA Securities, Inc., Cowen and Company, LLC, and Canaccord Genuity
LLC, each, a “Placement Agent” and, collectively, the “Placement Agents”) or any of their respective
affiliates in connection with the offer and sale of the Shares.

 

t. The undersigned acknowledges
that the Placement Agents and any of their respective affiliates or any of the Agents’ or their affiliates’ directors, officers,
employees, representatives, legal counsel, financial advisors, accountants, agents and controlling persons (collectively, “Representatives”)
have made no independent investigation with respect to the Company or the Shares or the accuracy, completeness or adequacy of any information
supplied to the undersigned by the Company. The undersigned acknowledges and agrees that neither the Placement Agents nor any Representatives
of the Placement Agents has provided the undersigned with any information or advice with respect to the Shares nor is such information
or advice necessary or desired.

 

     

     

    

 

u. In connection with the issue
and purchase of the Shares, the undersigned acknowledges that the Placement Agents are acting solely as the Company’s placement
agents in connection with the sale of the Shares and are not acting as underwriters or in any other capacity and none of them shall be
construed as fiduciary or financial advisors for the undersigned, AdTheorent or any other person or entity.

 

v. The undersigned is an entity
having total liquid assets and net assets in excess of the Purchase Price as of the date hereof and as of each date the Purchase Price
would be required to be funded to the Company. At the Subscription Closing, the undersigned will have sufficient immediately available
funds to pay the Purchase Price pursuant to Section 2(a) of this Subscription Agreement.

 

w. The undersigned also acknowledges
that certain of the Company’s securities are registered with the Commission under the Exchange Act and that certain of the Company’s
securities are publicly traded. The undersigned specifically acknowledges that the Company has requested the undersigned to agree to nondisclosure
of certain information so that, among other things, the Company will be exempt from any requirement to disclose material non-public information
provided to the undersigned in accordance with the exemption set forth in Rule 100(b)(2)(ii) of the Commission’s Regulation
FD. Accordingly, without limiting any of the undersigned’s other obligations under this Agreement, the undersigned agrees that so
long as the undersigned possesses information about the Company that may be considered “material non-public information” for
purposes of the Securities Act and the Exchange Act, and the rules and regulations promulgated thereunder, including Regulation FD,
the undersigned shall not, directly or indirectly purchase or sell, in any way, shape or form (including, but not limited to, pursuant
to a “hedging” transaction (whether or not such transaction involves the actual exchange of securities) or “short selling”),
directly or indirectly, the Company’s securities, publicly or privately.

 

7. Registration Rights.

 

a. The Company agrees that,
within 30 calendar days after the consummation of the Transaction (the “Filing Deadline”), the Company will file with
the Commission (at the Company’s sole cost and expense) a registration statement (the “Registration Statement”)
registering the resale or transfer of the Shares, and the Company shall use its reasonable best efforts to have the Registration Statement
declared effective as soon as practicable after the filing thereof, but no later than the earlier of (i) the 90th calendar
day following the Filing Deadline if the Commission notifies the Company that it will “review” the Registration Statement,
and (ii) the 5th business day after the date the Company is notified (orally or in writing, whichever is earlier)
by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further comments from the
Commission (such earlier date, the “Effectiveness Date”); provided, however, that the Company’s
obligations to include the Shares in the Registration Statement are contingent upon the undersigned furnishing in writing to the Company
such information regarding the undersigned, the securities of the Company held by the undersigned and the intended method of disposition
of the Shares as shall be reasonably requested by the Company to effect the registration of the Shares, and shall execute such documents
in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations; provided that,
in connection therewith, the undersigned shall not be required to enter into any lock-up or similar agreement or otherwise be subject
to any contractual restriction on the ability to transfer the Shares. Notwithstanding the foregoing, if the Commission prevents the Company
from including in the Registration Statement any or all of the Shares due to limitations on the use of Rule 415 of the Securities
Act for the resale or transfer of the Shares by the applicable stockholders or otherwise, the Registration Statement shall register for
resale or transfer such number of Shares which is equal to the maximum number of Shares as is permitted by the Commission. In such event,
the number of Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among
all such selling stockholders. If the Commission requests that the undersigned be identified as a statutory underwriter in the Registration
Statement, the undersigned will have an opportunity to withdraw from the Registration Statement. The Company will use its reasonable best
efforts to maintain the continuous effectiveness of the Registration Statement until the earliest of (i) the date on which the Shares
may be resold without volume or manner of sale limitations pursuant to Rule 144 promulgated under the Securities Act, (ii) the
date on which such Shares have actually been sold and (iii) the date which is two years after the Subscription Closing. For purposes
of clarification, any failure by the Company to file the Registration Statement by the Filing Deadline or to effect such Registration
Statement by the Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement
set forth in this Section 7.

 

     

     

    

 

b. Notwithstanding anything
to the contrary in this Subscription Agreement, the Company shall be entitled to delay or postpone the effectiveness of the Registration
Statement, and from time to time to require the Subscriber not to sell under the Registration Statement or to suspend the effectiveness
thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred, which
negotiation, consummation or event, the Company’s board of directors reasonably believes, upon the advice of legal counsel, would
require additional disclosure by the Company in the Registration Statement of material information that the Company has a bona fide business
purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination
of the Company’s board of directors, upon the advice of legal counsel, to cause the Registration Statement to fail to comply with
applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided, however, that the Company
may not delay or suspend the Registration Statement on more than 2 occasions or for more than 60 consecutive calendar days, or more than
90 total calendar days, in each case during any twelve-month period. Upon receipt of any written notice from the Company of the happening
of any Suspension Event (which notice shall not contain material non-public information) during the period that the Registration Statement
is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of
a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made (in the case of the prospectus) not misleading, the Subscriber agrees that (i) it
will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance of doubt, sales
conducted pursuant to Rule 144) until the Subscriber receives copies of a supplemental or amended prospectus (which the Company agrees
to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective
amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales, and (ii) it
will maintain the confidentiality of any information included in such written notice delivered by the Company unless otherwise required
by law or subpoena. If so directed by the Company, the Subscriber will deliver to the Company or, in the Subscriber’s sole discretion
destroy, all copies of the prospectus covering the Shares in the Subscriber’s possession; provided, however, that this obligation
to deliver or destroy all copies of the prospectus covering the Shares shall not apply (i) to the extent the Subscriber is required
to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements
or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival
servers as a result of automatic data back-up.

 

c. In the case of the registration,
qualification, exemption or compliance effected by the Company pursuant to this Subscription Agreement, the Company shall, upon reasonable
request, inform the Subscriber as to the status of such registration, qualification, exemption and compliance. At its expense the Company
shall:

 

	 	(i)	Advise the Subscriber within 5 business days:

 

	 	A.	when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any post-effective amendment thereto has become effective;
	 	B.	of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or for additional information;

	 	C.	of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

	 	D.	of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

	 	E.	subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading.

 

     

     

    

 

 

Notwithstanding anything to the contrary
set forth herein, the Company shall not, when so advising the Subscriber of such events, provide the Subscriber with any material, nonpublic
information regarding the Company other than to the extent that providing notice to the Subscriber of the occurrence of the events listed
in (A) through (E) above constitutes material, nonpublic information regarding the Company;

 

	 	(ii)	use reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable;

 

	 	(iii)	upon the occurrence of any Suspension Event, except for such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its reasonable best efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
	 	(iv)	use its reasonable best efforts to cause all Shares to be listed on each securities exchange or market, if any, on which the Shares issued by the Company have been listed; and

 

	 	(v)	use its reasonable best efforts to take all other steps necessary to effect the registration of the Shares contemplated hereby and to enable Subscriber to sell the Shares under Rule 144.

 

d. The Subscriber may deliver
written notice (an “Opt-Out Notice”) to the Company requesting that the Subscriber not receive notices from the Company
otherwise required by this Section 7; provided, however, that the Subscriber may later revoke any such Opt-Out
Notice in writing. Following receipt of an Opt-Out Notice from the Subscriber (unless subsequently revoked), (i) the Company shall
not deliver any such notices to the Subscriber and the Subscriber shall no longer be entitled to the rights associated with any such notice
and (ii) each time prior to the Subscriber’s intended use of an effective Registration Statement, the Subscriber will notify
the Company in writing at least two business days in advance of such intended use, and if a notice of a Suspension Event was previously
delivered (or would have been delivered but for the provisions of this Section 7(d)) and the related suspension period remains in
effect, the Company will so notify the Subscriber, within one business day of the Subscriber’s notification to the Company, by delivering
to the Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide the Subscriber with the related notice
of the conclusion of such Suspension Event immediately upon its availability.

 

e. Certificates or book entry
positions evidencing the Shares shall not contain any legend (including the legend referenced in Section 6(c) hereof), while
a registration statement (including the Registration Statement) covering the resale of such security is effective under the Securities
Act. The Company shall cause its counsel to issue a legal opinion to the transfer agent promptly after the Effectiveness Date (but no
later than two business days after the Effectiveness Date) if required by the transfer agent to effect the removal of the legend in accordance
with the provisions of this Agreement. The Company shall pay all transfer agent fees (including, without limitation, any fees required
for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by the undersigned), stamp
taxes and other taxes and duties levied in connection with the delivery of any Shares to the undersigned other than income and capital
gains taxes of the undersigned that may be incurred in connection with the transactions contemplated hereby. Each of the undersigned,
severally but not jointly, agrees with the Company that the undersigned will sell any Shares pursuant to either the registration requirements
of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Shares are sold
pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges
that the removal of the restrictive legend from certificates representing Shares as set forth in this Section 7(e) is predicated
upon the Company’s reliance upon this understanding.

 

     

     

    

 

f. The Company shall, notwithstanding
any termination of this Subscription Agreement, indemnify, defend and hold harmless the Subscriber (if the Subscriber is named as a selling
shareholder under the Registration Statement), its officers, directors and agents, and each person who controls the Subscriber (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable
law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable and documented
costs of preparation and investigation and reasonable and documented attorneys’ fees) and expenses (collectively, “Losses”),
as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in the Registration
Statement, any prospectus included in the Registration Statement or any form of prospectus or in any amendment or supplement thereto or
in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to
be stated therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company
of the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance
of its obligations under this Section 7, except to the extent, but only to the extent, that such untrue statements, alleged untrue
statements, omissions or alleged omissions are based upon information regarding the Subscriber furnished in writing to the Company by
the Subscriber expressly for use therein; provided, however, that the indemnification contained in this Section 7 shall not apply
to amounts paid in settlement of any Losses if such settlement is effected without the consent of the Company (which consent shall not
be unreasonably withheld, conditioned or delayed), nor shall the Company be liable for any Losses to the extent they arise out of or are
based upon a violation which occurs (A) in connection with any failure of such person to deliver or cause to be delivered a prospectus
made available by the Company in a timely manner, (B) as a result of offers or sales effected by or on behalf of any person by means
of a freewriting prospectus (as defined in Rule 405) that was not authorized in writing by the Company, or (C) in connection
with any offers, sales or transfers effected by or on behalf of a Subscriber in violation of Section 7(e) hereof. The Company
shall notify the Subscriber promptly of the institution, threat or assertion of any proceeding arising from or in connection with the
transactions contemplated by this Section 7 of which the Company is aware. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Shares by the Subscriber.

 

g. The Subscriber shall, severally
and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, and each person who controls
the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent
permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, any prospectus included in the Registration Statement, or any form of prospectus,
or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form
of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only
to the extent, that such untrue statements or omissions are based upon information regarding the Subscriber furnished in writing to the
Company by the Subscriber expressly for use therein; provided, however, that the indemnification contained in this Section 7 shall
not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of the Subscriber (which consent
shall not be unreasonably withheld, conditioned or delayed). In no event shall the liability of any Subscriber be greater in amount than
the dollar amount of the net proceeds received by the Subscriber upon the sale of the Shares giving rise to such indemnification obligation.
The Subscriber shall notify the Company promptly of the institution, threat or assertion of any proceeding arising from or in connection
with the transactions contemplated by this Section 7 of which the Subscriber is aware. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Shares by
the Subscriber.

 

8. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties
hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) following
the execution of a definitive agreement among the Company, AdTheorent and the Merger Sub Entities with respect to the Transaction (the
 “Transaction Agreement”), such date and time as such Transaction Agreement is terminated in accordance with its terms
without the Transaction being consummated, (b) upon the mutual written agreement of each of the parties hereto to terminate this
Subscription Agreement, (c) if any of the conditions to the Subscription Closing set forth in Section 3 of this Subscription
Agreement are not satisfied or waived on or prior to the Subscription Closing and, as a result thereof, the transactions contemplated
by this Subscription Agreement are not consummated at the Subscription Closing, or (d) at the election of the Subscriber, if the
consummation of the Transaction shall not have occurred by the Outside Date (as defined in, and subject to any automatic extension as
set forth in, the Transaction Agreement as of the date of this Agreement); provided that nothing herein will relieve
any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies
at law or in equity to recover losses, liabilities or damages arising from such breach. The Company shall promptly notify the undersigned
of the termination of the Transaction Agreement after the termination of such agreement. For the avoidance of doubt, if any termination
hereof occurs after the delivery by the Subscriber of the Purchase Price for the Shares, the Company shall promptly (but not later than
one business day thereafter) return the Purchase Price to the Subscriber without any deduction for or on account of any tax, withholding,
charges, or set-off.

 

     

     

    

 

9. Trust Account Waiver.
The undersigned acknowledges that the Company is a blank check company with the powers and privileges to effect a merger, asset acquisition,
reorganization or similar business combination involving the Company and one or more businesses or assets. The undersigned further acknowledges
that, as described in the Company’s prospectus relating to its initial public offering dated February 25, 2021 available at
www.sec.gov, substantially all of the Company’s assets consist of the cash proceeds of the Company’s initial public offering
and private placements of its securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust
Account”) for the benefit of the Company, its public stockholders and the underwriters of the Company’s initial public
offering. For and in consideration of the Company entering into this Subscription Agreement, the receipt and sufficiency of which are
hereby acknowledged, the undersigned hereby irrevocably waives any and all right, title and interest, or any claim of any kind it has
or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account, in
each case, as a result of, or arising out of, this Subscription Agreement; provided that nothing in this Section 9
shall be deemed to limit the undersigned’s right, title, interest or claim to the Trust Account by virtue of the undersigned’s
record or beneficial ownership of Common Stock of the Company acquired by any means other than pursuant to this Subscription Agreement.
Notwithstanding anything to the contrary contained in this Subscription Agreement, the provisions of this Section 9 shall survive
the Subscription Closing or any termination of this Subscription Agreement and last indefinitely.

 

10. No Short Sales.
The undersigned hereby agrees that, from the date of this Agreement until the earlier of the Subscription Closing and the termination
of this Subscription Agreement, none of the undersigned, its controlled affiliates, or any person or entity acting on behalf of the undersigned
or any of its controlled affiliates or pursuant to any understanding with the undersigned or any of its controlled affiliates will engage
in any Short Sales with respect to securities of the Company. For purposes of this Section 10, “Short Sales” shall
include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage
arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales
and other transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding anything to the contrary contained
herein, the restrictions in this Section 10 shall not apply to (i) any sale (including the exercise of any redemption right)
of securities of the Company (A) held by the Subscriber, its controlled affiliates or any person or entity acting on behalf of the
Subscriber or any of its controlled affiliates prior to the execution of this Subscription Agreement or (B) purchased by the Subscriber,
its controlled affiliates or any person or entity acting on behalf of the Subscriber or any of its controlled affiliates in an open market
transaction after the execution of this Subscription Agreement, or (ii) ordinary course hedging transactions so long as the sales
or borrowings relating to such hedging transactions are not settled with the Shares subscribed for hereunder and the number of securities
sold in such transactions does not exceed the number of securities owned or subscribed for at the time of such transactions. In addition,
(i) nothing herein shall prohibit other entities under common management with Subscriber that have no knowledge of this Subscription
Agreement or of Subscriber’s participation in transaction contemplated hereby from entering into any Short Sales or engaging in
other transactions and (ii) in the case of a Subscriber that is a multi-managed investment vehicle whereby separate portfolio managers
manage separate portions of such Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made
by the portfolio managers managing other portions of such Subscriber’s assets, the restrictions in this Section 10 shall only
apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares
covered by this Subscription Agreement.

 

     

     

    

 

11. Miscellaneous.

 

a. The Company shall, no later
than 9:00 a.m., New York City time, on the first business day immediately following the date of this Subscription Agreement, issue one
or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure Document”)
disclosing all material terms of the transactions contemplated hereby, the Transaction and any other material, nonpublic information that
the Company or any of its officers, directors, employees or agents (including the Placement Agents) has provided to the undersigned at
any time prior to the filing of the Disclosure Document. From and after the issuance of the Disclosure Document, the undersigned shall
not be in possession of any material, non-public information received from the Company or any of its officers, directors, employees or
agents (including the Placement Agents) and the Subscriber shall no longer be subject to any confidentiality or similar obligations under
any current agreement, whether written or oral with the Company, the Placement Agents, or any of their respective affiliates. Except with
the express written consent of the Subscriber and unless prior thereto the Subscriber shall have executed a written agreement regarding
the confidentiality and use of such information, the Company shall not, and shall cause its officers, directors, employees and agents,
not to, provide Subscriber with any material, non-public information regarding the Company or the Transaction from and after the filing
of the Disclosure Document, other than to the extent that providing notice to the Subscriber of the occurrence of the events listed in
(A) through (E) of Section 7(c)(i) constitutes material, nonpublic information regarding the Company. Notwithstanding
anything in this Subscription Agreement to the contrary, each party hereto acknowledges and agrees that without the prior written consent
of the other party hereto it will not (and in the case of the Company it will cause its representatives, including the Placement Agents
not to) publicly make reference to such other party or any of its affiliates (i) in connection with the Transaction or this Subscription
Agreement (provided that the undersigned may disclose its entry into this Subscription Agreement and the Purchase Price) or (ii) in
any promotional materials, media, or similar circumstances, except, in each case, as required by law or regulation or at the request of
the Staff or regulatory agency or under the regulations of the Nasdaq Capital Market or Nasdaq, including, in the case of the Company
(a) as required by the federal securities law in connection with the Registration Statement, (b) the filing of this Subscription
Agreement (or a form of this Subscription Agreement) with the Commission and (c) the filing of the Registration Statement on Form S-4
and Schedule 14A and related materials to be filed by the Company with respect to the Transaction.

 

b. Neither this Subscription
Agreement nor any rights that may accrue to the undersigned hereunder (other than the Shares acquired hereunder, if any) may be transferred
or assigned without the Company’s prior written consent. Notwithstanding the foregoing, this Subscription Agreement and any of Subscriber’s
rights and obligations hereunder may be assigned to (i) any fund or account managed by the same investment manager or investment
advisor as Subscriber or by an affiliate of such investment manager or investor advisor or (ii) any direct or indirect subsidiary
of Subscriber, without the prior consent of the Company, provided that such assignee(s) agrees in writing to be bound by the terms
hereof. Upon such assignment by a Subscriber, the assignee(s) shall become Subscriber hereunder and have the rights and obligations
provided for herein to the extent of such assignment; provided further that, no assignment shall relieve the assigning party of any of
its obligations hereunder, including any assignment to any fund or account managed by the same investment manager or investment advisor
as Subscriber or by an affiliate of such investment manager or investment advisor or any direct or indirect subsidiary of Subscriber,
unless consented to in writing by the Company.

 

c. The Company may request from
the undersigned such additional information as the Company may deem necessary to evaluate the eligibility of the undersigned to acquire
the Shares, and the undersigned promptly shall provide such information as may reasonably be requested, to the extent readily available
and to the extent consistent with its internal policies and procedures, provided that the Company agrees to keep confidential
any such information to the extent such information is not in the public domain, was not provided lawfully to the Company by another source
not under a duty of confidentiality and except to the extent disclosure of such information by the Company is compelled by law, court
order or a self-regulatory organization such as the Nasdaq Capital Market or Nasdaq, or FINRA or required to be included in the Registration
Statement, in which case, the Company shall provide the Subscriber with prior written notice of any disclosure of such information if
reasonably practicable and legally permitted.

 

d. The undersigned acknowledges
that the Company and its counsel, the Placement Agents (with respect to the Placement Agents only pursuant to the penultimate sentence
of this paragraph) and, only following the Subscription Closing and the Transaction Closing, AdTheorent, may rely on the acknowledgments,
understandings, agreements, representations and warranties of the undersigned contained in this Subscription Agreement. The Company acknowledges
that the Subscriber will rely on the acknowledgements, understandings, agreements, representations and warranties of the Company contained
in this Subscription Agreement. Prior to the Subscription Closing, the undersigned agrees to notify the Company promptly if any of the
acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate in any material respect
(other than those acknowledgments, understandings, agreements, representations and warranties qualified by materiality, in which case
the undersigned shall notify the Company if they are no longer accurate in all respects). The undersigned agrees that the purchase by
the undersigned of Shares from the Company pursuant this Subscription Agreement will constitute a reaffirmation of the acknowledgments,
understandings, agreements, representations and warranties herein (as modified by any such notice) by the undersigned as of the Subscription
Closing. The undersigned further acknowledges and agrees that the Placement Agents are third-party beneficiaries of the representations
and warranties of the undersigned contained in Sections 6(a), 6(b), 6(c), 6(f), 6(g), 6(h), 6(i), 6(j), 6(k), 6(l), 6(o), 6(r), 6(s),
6(t), 6(u), 6(v) and 6(w) of this Subscription Agreement. The Company acknowledges and agrees that the Placement Agents are
third-party beneficiaries of the representations, warranties and covenants of the Company contained in Section 5 of this Subscription
Agreement.

 

     

     

    

 

e. The Company and the Subscriber
are entitled to rely upon this Subscription Agreement and the Company is irrevocably authorized to produce this Subscription Agreement
or a copy hereof when required by law, regulatory authority, Nasdaq or the Nasdaq Capital Market to do so in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.

 

f. Except if required by law,
Nasdaq or the Nasdaq Capital Market, without the prior written consent of the undersigned, the Company shall not, and shall cause its
representatives, including the Placement Agents and their respective representatives, not to, disclose the existence of this Subscription
Agreement or any negotiations related hereto, or to use the name of the undersigned or any information provided by the undersigned in
connection herewith in or for the purpose of any marketing activities or materials or for any similar or related purpose, until such agreements
are executed and disclosed publicly to the Commission.

 

g. All the agreements, representations
and warranties made by each party hereto in this Subscription Agreement shall survive the Subscription Closing.

 

h. This Subscription Agreement
may not be modified, waived or terminated except by an instrument in writing, signed by the party against whom enforcement of such modification,
waiver, or termination is sought; provided that any rights (but not obligations) of a party under this Subscription Agreement may be waived,
in whole or in part, by such party on its own behalf without the prior consent of any other party.

 

i. This Subscription Agreement
constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written
and oral, among the parties, with respect to the subject matter hereof. Except as otherwise expressly set forth in subsection (d) of
this Section 11, this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto,
and their respective successor and assigns.

 

j. Except as otherwise provided
herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors,
administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and
acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors,
legal representatives and permitted assigns.

 

k. If any provision of this
Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

 

l. This Subscription Agreement
may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by different parties in separate
counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall
be construed together and shall constitute one and the same agreement.

 

m. The parties hereto agree
that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Subscription Agreement and to enforce specifically the terms and provisions of this Subscription
Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

 

     

     

    

 

n. Notices. Any
notice, request, claim, demand, waiver, consent, approval or other communication which is required or permitted hereunder shall be in
writing and shall be deemed 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 postage prepaid (receipt requested), (c) on the date sent by email
(with no “bounceback” or notice of non-delivery, and provided that, unless affirmatively confirmed by the recipient as received,
notice is also sent to such party under another method permitted in this Section 11(n) within two business days thereafter)
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 business day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be
specified in a notice given in accordance with this Section 11(n)):

 

	 	i.	if to the undersigned, to such address or addresses set forth on the undersigned’s signature page hereto;

 

	 	ii.	if to the Company prior to the Transaction Closing, to:

 

MCAP Acquisition Corporation

311 South Wacker Drive, Suite 6400

Chicago, Illinois 60606

Attention: General Counsel, pgruszka@monroecap.com

 

With a required copy to (which shall
not constitute notice):

 

Nelson Mullins Riley & Scarborough,
LLP

101 Constitution Avenue NW, Suite 900

Washington, DC 20001

	 	Attention:	Jon Talcott, jon.talcott@nelsonmullins.com
	 	 	Peter Strand, peter.strand@nelsonmullins.com

 

	 	iii.	If to the Company after the Transaction Closing, to:

 

AdTheorent Holding Company, LLC

c/o H.I.G. Capital, L.L.C.

500 Boylston Street, 20th Floor

Boston, MA 02116

Attention: Eric Tencer

Email: etencer@higgrowth.com

 

With a required copy to (which shall not constitute notice):

 

Paul Hastings LLP

71 South Wacker Drive, 45th Floor

Chicago, IL 60606

Attention: Amit Mehta

Email: amitmehta@paulhastings.com

 

and

 

Paul Hastings LLP

101 California, 48th Floor

San Francisco, CA 94111

Attention: Steve Camahort

Email: stevecamahort@paulhastings.com

 

o. THIS SUBSCRIPTION AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS
OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE.

 

     

     

    

 

THE PARTIES HERETO IRREVOCABLY
SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE
STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION
AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT
OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR
INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT
BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT
OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT
TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT
TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING
OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 11(n) OR IN
SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

EACH PARTY ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH
PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 11(o).

 

[SIGNATURE PAGES FOLLOW]

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date
set forth below.

 

	Name of Subscriber:	 	State/Country of Formation or Domicile:
	 	 	 	 
	By:	 	 	 
	 	 	 	 
	Name:	 	 	 
	 	 	 	 
	Title:	 	 	 
	 	 	 	 
	Name in which shares are to be registered (if different):	 	Date: _______________, 2021
	 	 	 
	Subscriber’s EIN:	 	 
	 	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 	 
	 	 	 	 
	City, State, Zip:	 	City, State, Zip:
	 	 	 	 
	Attn: __________________	 	Attn: __________________
	 	 	 	 
	Telephone No.:	 	Telephone No.:
	 	 	 
	Email Address:	 	Email Address:
	 	 	 	 
	Number of Shares subscribed for:	 	 
	 	 	 	 
	Aggregate Subscription Amount: $	 	Price Per Share: $10.00

 

The above Subscriber agrees
that it shall pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account specified
by the Company in the Closing Notice.

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, MCAP
Acquisition Corporation has accepted this Subscription Agreement as of the date set forth below.

 

	 	MCAP ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

Date: ____________, 2021

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

SCHEDULE A

ELIGIBILITY REPRESENTATIONS OF THE SUBSCRIBER

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

	 	1.	 ̈            We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

 

	B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

 

	 	1.	 ̈            We are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) for one or more of the following reasons (Please check the applicable subparagraphs):

 

	 	 ̈	We are a bank, as defined in Section 3(a)(2) of the Securities Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in an individual or a fiduciary capacity.

 

	 	 ̈	We are a broker or dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended.

 

	 	 ̈	We are an insurance company, as defined in Section 2(13) of the Securities Act.

 

	 	 ̈	We are an investment company registered under the Investment Company Act of 1940 or a business development company, as defined in Section 2(a)(48) of that act.

 

	 	 ̈	We are a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.

 

	 	 ̈	We are a plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if the plan has total assets in excess of $5 million.

 

	 	 ̈	We are an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment decision is being made by a plan fiduciary, as defined in Section 3(21) of such act, and the plan fiduciary is either a bank, an insurance company, or a registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million.

 

	 	 ̈	We are a private business development company, as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

 

	 	 ̈	We are a corporation, Massachusetts or similar business trust, partnership, limited liability company or an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, that was not formed for the specific purpose of acquiring the Shares, and that has total assets in excess of $5 million.

 

	 	 ̈	We are a trust with total assets in excess of $5 million not formed for the specific purpose of acquiring the Shares, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act.

 

	 	 ̈	We are an investment adviser registered with the SEC pursuant to Section 203 of the Investment Advisers Act of 1940, as amended;

 

	 	 ̈	We are an investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Investment Advisers Act of 1940, as amended;

 

     

     

    

 

	 	 ̈	We are a Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act;

 

	 	 ̈	We are an entity of a type not previously listed that is not formed for the specific purpose of acquiring the Shares and owns investments in excess of $5 million. For purposes of this clause, “investments” means investments as defined in Rule 2a51-1(b) under the Investment Company Act of 1940, as amended;

 

	 	 ̈	We are an entity in which all of the equity owners are accredited investors.

 

	2.	 ̈	We are not a natural person.

 

	C.	AFFILIATE STATUS

 

(Please check the applicable
box)

 

THE SUBSCRIBER:

 

	 	 ̈	is:

 

	 	 ̈	is not:

 

an “affiliate” (as defined
in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 

This page should
be completed by the Subscriber and constitutes a part of the Subscription AgreementEX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

VINTAGE WINE ESTATES, INC. 

as the Corporation 
 and 

TSX TRUST COMPANY 
 as the
Warrant Agent 
 FIRST SUPPLEMENTAL WARRANT AGENCY AGREEMENT 

Dated as of July 26th, 2021 

 FIRST SUPPLEMENTAL WARRANT AGENCY AGREEMENT 

THIS FIRST SUPPLEMENTAL WARRANT AGENCY AGREEMENT is dated as of July 26th,
2021 
 BETWEEN: 
 VINTAGE WINE
ESTATES, INC., a Nevada corporation (the “Corporation”), 
 - and - 

TSX TRUST COMPANY, a trust company existing under the laws of Canada (the “Warrant Agent”) 

WHEREAS the Corporation (under its then name Bespoke Capital Acquisition Corp.) and the Warrant Agent entered into a Warrant Agency
Agreement dated August 15, 2019 (the “Warrant Agreement”) providing for the issuance of up to 32,125,000 Warrants; 

AND WHEREAS on June 7, 2021, pursuant to a transaction agreement dated February 3, 2021 (as amended, the “Transaction
Agreement”), the Corporation acquired all of the equity of Vintage Wine Estates, Inc., a California corporation (“VWE”) by way of a merger of a newly formed Delaware subsidiary of the Corporation with and into VWE (the
“Transaction”), which Transaction constituted the Corporation’s Qualifying Acquisition; 
 AND WHEREAS in
connection with the closing of the Transaction, the Corporation completed a continuance from the Province of British Columbia to the State of Nevada and was renamed “Vintage Wine Estates, Inc.”; 

AND WHEREAS in connection with the Transaction, the Corporation filed a registration statement on Form
S-4 (the “Registration Statement) with the United States Securities and Exchange Commission (the “SEC”) with respect to registration of the shares of the Corporation’s common
stock to be issued upon closing with the Transaction, the Warrants and the shares of the Corporation’s common stock to be issued upon exercise of the Warrants, which Registration Statement was declared effective by the SEC on May 6, 2021;

 AND WHEREAS Section 12.1(b), Section 12.1(c), Section 12.1(d) and Section 12.1(g) of the Warrant Agreement
provide for the creation of agreements supplemental to the Warrant Agreement for: (i) in the case of Section 12.1(b), making such provision not inconsistent with the Warrant Agreement as may be necessary or desirable with respect to
matters or questions arising hereunder provided that the Warrant Agent shall be of the opinion, relying on the advice of Counsel, that such provisions shall not be prejudicial to the interests of the Holders; (ii) in the case of
Section 12.1(c), adding to or altering the provisions hereof in respect of the transfer of Warrants, making provision for the exchange of Warrant Certificates and making any modification in the form of the Warrant Certificate which does not
affect the substance thereof; (iii) in the case of Section 12.1(d), evidencing the succession, or successive successions, of other corporations to the Corporation and the covenants of and obligations assumed by any such successor in
accordance with the provisions of this Agreement; and (iv) in the case of Section 12.1(g), for any other purpose not inconsistent with the terms of this Agreement, provided that in the opinion of the Warrant Agent relying on the advice of
Counsel, the rights of the Warrant Agent and of the Holders are in no way prejudiced thereby; 

 AND WHEREAS the Corporation has determined to amend the Warrant Agreement, pursuant
to Section 12.1(b), Section 12.1(c), Section 12.1(d) and Section 12.1(g) of the Warrant Agreement to, among other things (i) reflect that the Warrants are now registered in the United States and (ii) evidence the
succession of Vintage Wine Estates, Inc. as the successor to Bespoke Capital Acquisition Corp. under the terms of the Warrant Agreement; 

AND WHEREAS the board of directors of the Corporation has authorized by resolution the amendments to the Warrant Agreement set forth
herein and implemented hereby; 
 AND WHEREAS pursuant to section 12.1 of the Warrant Agreement, the Corporation has obtained the
consent of the Exchange for the amendments to the Warrant Agreement set forth herein and implemented hereby; 
 AND WHEREAS the
Warrant Agent has agreed to enter into this first supplemental warrant agreement (this “First Supplemental Warrant Agreement”) and to hold all rights, interests and benefits contained herein for and on behalf of those persons who
become holders of Warrants issued pursuant to the Warrant Agreement as modified by this First Supplemental Warrant Agreement from time to time; 

NOW THEREFORE, in consideration of the premises and mutual covenants hereinafter contained and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows: 
 ARTICLE 1 

INTERPRETATION 
  

	1.1	 Definitions and Interpretation 

Except as defined in this First Supplemental Warrant Agreement, or in the recitals or description of the parties herein, all capitalized terms
used in this First Supplemental Warrant Agreement shall have the meaning given to them in the Warrant Agreement. 
  

	1.2	 Amendments to the Warrant Agreement 

 

	(1)	 This First Supplemental Warrant Agreement is supplemental to the Warrant Agreement, and the Warrant Agreement
shall henceforth be read in conjunction with this First Supplemental Warrant Agreement, and all the provisions of the Warrant Agreement, except only insofar as the same may be inconsistent with the express provisions hereof, shall apply and have the
same effect as if all the provisions of the Warrant Agreement and this First Supplemental Warrant Agreement were contained in one instrument. 

  

	(2)	 On and after the date hereof, each reference in the Warrant Agreement to the Warrant Agreement, as supplemented
by this First Supplemental Warrant Agreement, “this Warrant Agreement”, “this Agreement”, “hereto”, “herein”, “hereby”, “hereof” and similar
expressions shall mean and refer to the Warrant Agreement as amended by this First Supplemental Warrant Agreement. Except as specifically amended by this First Supplemental Warrant Agreement, all other terms and conditions of the Warrant Agreement
shall remain in full force and unchanged. 

  

	(3)	 If any term or provision contained in this First Supplemental Warrant Agreement shall conflict or be
inconsistent with any term or provision of the Warrant Agreement, the terms and provisions of this First Supplemental Warrant Agreement shall govern; provided, however, that the terms and provisions of this First Supplemental Warrant Agreement may
modify or amend the terms of the Warrant Agreement solely as set out herein. 

  
 - 2 - 

 ARTICLE 2 

AMENDMENTS TO THE WARRANT AGREEMENT 
  

	2.1	 Amendments 

  

	(1)	 The Warrant Agreement is hereby amended by replacing all references to “Bespoke Capital Acquisition
Corp.” with “Vintage Wine Estates, Inc.”. 

  

	(2)	 The recitals of the Warrant Agreement are hereby amended to delete in its entirety the following,

 “In conjunction with the Offering, the Corporation intends to sell an aggregate of 12,000,000 Warrants (the
“Founder’s Warrants”) to the Sponsor.” 
 and to instead insert: 

“In conjunction with the Offering, the Corporation sold an aggregate of 12,000,000 Warrants (the “Founder’s
Warrants”) to the Sponsor, 4,000,000 of which were forfeited by the Sponsor upon closing of the Qualifying Acquisition.” 
  

	(3)	 The recitals of the Warrant Agreement are hereby amended to delete in its entirety the following,

 “Upon the closing of the Qualifying Acquisition, each Class A Restricted Voting Share (unless previously
redeemed) under its current terms (as of the date hereof) will be automatically converted into one Common Share, subject to compliance or an exemption from OSC rule 56-501.” 

and to instead insert: 

“In connection with the closing of the Qualifying Acquisition, each Class A Restricted Voting Share (unless previously redeemed) was
automatically converted into one Common Share.” 
  

	(4)	 The recitals of the Warrant Agreement are hereby amended to delete in its entirety the following,

 “Each whole Warrant entitles the Holder thereof to receive, upon payment by the Holder of the Exercise Price, and
subject to adjustment and penalties in certain circumstances, one Class A Restricted Voting Share. The Warrants become exercisable commencing on the date that is 65 days following the date of the closing of the Qualifying Acquisition (the
“Commencement Time”) (at which time, as the remaining Class A Restricted Voting Shares would under their current terms (as of the date hereof) have been automatically converted into Common Shares and thereafter each whole
Warrant would be exercisable for one Common Share) and terminating at the Expiry Time upon the terms and conditions herein set forth.” 

and to instead insert: 

  
 - 3 - 

 “Each whole Warrant entitles the Holder thereof to receive, upon payment by the Holder
of the Exercise Price, and subject to adjustment and penalties in certain circumstances, one Common Share. The Warrants become exercisable commencing on the date that is 65 days following the date of the closing of the Qualifying Acquisition (the
“Commencement Time”) and terminating at the Expiry Time upon the terms and conditions herein set forth.” 
  

	(5)	 The definition of “Common Shares” in section 1.1 of the Warrant Agreement is deleted and
replaced with the following: 

 “Common Shares” means the shares of common stock, no par value per
share, of the Corporation and “Common Share” means any one of them, provided that in the event of any adjustment in accordance with the provisions of Article 4 hereof, “Common Shares” shall thereafter mean the
shares or other securities or property resulting from such adjustment, and “Common Share” means any of them;”. 
  

	(6)	 The definition of “Shares” in section 1.1 of the Warrant Agreement is deleted and replaced
with the following: 

 “Shares” means the Common Shares for which the Warrants are conferred the right to
acquire, provided that that in the event of any adjustment in accordance with the provisions of Article 4 hereof, “Shares” shall thereafter mean the shares or other securities or property resulting from such adjustment, and
“Share” means any one of them;”. 
  

	(7)	 The definition of “Warrants” in section 1.1 of the Warrant Agreement is deleted and replaced
with the following: 

 “Warrants” means, collectively, the (i) 18,000,000 share purchase warrants of the
Corporation created and issued hereunder as a portion of the Class A Restricted Voting Units and (ii) the 8,000,000 Founder’s Warrants held by the Sponsor upon closing of the Qualifying Acquisition created and issued hereunder
(together with additional Warrants pursuant to further issuances by the Corporation after the closing date of the Qualifying Acquisition of the Corporation, if applicable) and for the time being outstanding entitling registered holders thereof to
acquire, upon the valid exercise thereof and subject to adjustment in certain circumstances, one Share in accordance with the terms hereof, and “Warrant” means any one of them;”. 

 

	(8)	 Section 2.13 of the Warrant Agreement is hereby deleted in its entirety and replaced by the following:

 “RESERVED.” 
  

	(9)	 Section 3.2(6) of the Warrant Agreement is hereby deleted in its entirety and replaced by the following:

 “A beneficial owner of Uncertificated Warrants evidenced by a security entitlement in respect of Warrants in the
book entry registration system who desires to exercise his or her Warrants must do so by causing a Book Entry Participant to deliver to the Depository on behalf of the entitlement holder, notice of the owner’s intention to exercise Warrants in
a manner acceptable to the Depository. Forthwith upon receipt by the Depository of such notice, as well as payment of 

  
 - 4 - 

 
the Exercise Price (unless such Book Entry Participant elects to exercise his or her Uncertificated Warrants on a cashless basis in accordance with Section 3.2(3), which election shall be
indicated in such notice delivered to the Depository), the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (“Confirmation”) in a manner acceptable to the Warrant Agent, including by
electronic means through the book entry registration system.” 
  

	(10)	 Section 3.10 of the Warrant Agreement is hereby deleted in its entirety and replaced by the following:

 “RESERVED.” 
  

	(11)	 the address of the Corporation for notice purposes under Section 10.1(1) of the Warrant Agreement is
deleted and replaced with the following: 

 “If to the Corporation, to: 

Vintage Wine Estates, Inc. 
 937
Tahoe Boulevard 
 Incline Village, Nevada 89451 

Attention: Kathy DeVillers, Chief Financial Officer 

Email: KDeVillers@vintagewineestates.com” 
  

	(12)	 Schedule “A” of the Warrant Agreement is deleted and replaced with Schedule “A” attached to
this First Supplemental Warrant Agreement. All Warrants issued and outstanding shall be deemed to include the amendments as per Schedule “A”. 

  

	(13)	 Schedule “B” of the Warrant Agreement is deleted in its entirety. 

MISCELLANEOUS PROVISIONS 
  

	3.1	 Confirmation of Agreement 

On the date hereof, the Warrant Agreement shall be supplemented in accordance with this First Supplemental Warrant Agreement, and this First
Supplemental Warrant Agreement shall form part of the Warrant Agreement for all purposes, and the holder of every Warrant heretofore or hereafter authenticated and delivered under the Warrant Agreement shall be bound thereby. The Warrant Agreement,
as supplemented by this First Supplemental Warrant Agreement, shall remain in full force and effect as supplemented by this First Supplemental Warrant Agreement and is in all respects ratified and confirmed. 

 

	3.2	 Acceptance of Agency 

The Warrant Agent hereby accepts the agency in the Warrant Agreement, as amended and supplemented by this First Supplemental Warrant Agreement,
declared and provided for and agrees to perform the same upon the terms and conditions and subject to the provisions set forth in the Warrant Agreement as supplemented by this First Supplemental Warrant Agreement. 

  
 - 5 - 

	3.4	 Counterparts 

This First Supplemental Warrant Agreement may be executed in several counterparts, by original, facsimile, PDF or other electronic signature,
each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. 
  

	3.4	 Applicable Law 

This First Supplemental Warrant Agreement shall be construed in accordance with the laws of the Province of Ontario and the federal laws of
Canada applicable therein. Each of the parties hereto irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Warrant Agreement and the transactions contemplated
herein. 
 [Remainder of page left intentionally blank. Signature pages follow.] 

  
 - 6 - 

 IN WITNESS WHEREOF the parties hereto have executed this First Supplemental Warrant Agreement under
the hands of their proper officers in that behalf as of the date first written above. 
  

			
	VINTAGE WINE ESTATES, INC.
		
	By:	 	 /s/ Patrick Roney

		 	Name: Patrick Roney
		 	Title: Chief Executive Officer
	
	TSX TRUST COMPANY
		
	By:	 	 /s/ Michael Rosenberg

		 	Name: Michael Rosenberg
		 	Title: Sr. Trust Officer
		
	By:	 	 /s/ Brett Higgs

		 	Name: Brett Higgs
		 	Title: Corporate Trust Officer

 Schedule “A” 

SCHEDULE “A” 

VINTAGE WINE ESTATES, INC. (formerly Bespoke Capital Acquisition Corp.) 

FORM OF WARRANT CERTIFICATE 
  

			
	 Certificate
 CUSIP 92747V 114
	  	 No.•

                          
                                         
 

		  	                    Share Purchase Warrants

 THE WARRANTS REPRESENTED HEREBY WILL BE VOID AFTER THE EXPIRY TIME AS DESCRIBED HEREIN. 

THIS CERTIFICATE IS TO CERTIFY that for value received • (herein referred to as the “Holder”) is the registered holder of the
number of Warrants of Vintage Wine Estates, Inc. (the “Corporation”) stated above, and subject to adjustment provisions as set forth in the Warrant Agency Agreement (as defined below), is entitled to acquire, on a date that is at
least 65 days following the date of the closing of the Qualifying Acquisition of the Corporation (the “Commencement Time”) and up until 5:00 p.m. (Toronto time) on the date that is five years after the date of completion of a
Qualifying Acquisition of the Corporation, or the next succeeding Business Day if such date is not a Business Day (the “Expiry Date”), upon payment of U.S.$11.50 or an exercise on a cashless basis (the “Exercise
Price”) for each whole Warrant represented hereby, one Share (as defined herein), all in the manner and subject to the restrictions and adjustments set forth in the Warrant Agency Agreement, provided that if an Acceleration Event occurs and
the Corporation accelerates the Expiry Date in accordance with Section 3.3 of the Warrant Agency Agreement, the Expiry Date shall be determined in accordance with Section 3.3 of the Warrant Agency Agreement. 

For purposes of this Certificate, any reference to “Shares” shall mean the shares of common stock, no part value per share, of the
Corporation for which the Warrants are conferred the right to acquire, provided that in the event of any adjustment in accordance with the provisions of the Warrant Agency Agreement, “Shares” shall thereafter mean the shares or
other securities or property resulting from such adjustment, and “Share” means any one of them. 
 Any capitalized term in this Certificate
that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Agency Agreement. In the event of any discrepancy between anything contained in this Warrant Certificate and the terms and conditions of the Warrant Agency
Agreement, the terms and conditions of the Warrant Agency Agreement shall govern. 
 The Warrants represented by this Certificate are issued or issuable in
fully registrable form only under the provisions of an agreement (which agreement, as amended from time to time, together with all other instruments ancillary thereto, is referred to herein as the “Warrant Agency Agreement”) dated
as of August 15, 2019 between the Corporation and TSX Trust Company (the “Warrant Agent”), as amended by the First Supplemental Warrant Agency Agreement dated as of July
26th, 2021 between the Corporation and the Warrant Agent. Reference is hereby made to the Warrant Agency Agreement for a full description of the rights of the holders of the Warrants, the
Corporation and the Warrant Agent in respect thereof, and the terms and conditions upon which the Warrants evidenced hereby are issued and held, all to the same effect as if the provisions of the Warrant Agency Agreement were herein set forth. By
acceptance of this Certificate, the Holder assents to all provisions of the Warrant Agency Agreement. 

 
The Corporation will furnish to the holder of this Certificate, upon request and without charge, a copy of the Warrant Agency Agreement. 

In the event that prior to the Expiry Time, the Holder has not exercised the Warrants represented hereby in accordance with the terms of the Warrant Agency
Agreement, then any Warrants represented by this Certificate which have not been so exercised shall be deemed to have expired and shall be of no further force and effect as of 5:00 p.m. (Toronto time) on the Expiry Date. 

Upon exercise, the Warrants so exercised shall be void and of no value or effect. 

For certificates representing the Shares issued upon exercise of the Warrants (reflecting any adjustments as provided herein and in the Warrant Agency
Agreement), the Warrant Agent shall cause, within three Business Days after the Exercise Date of such Warrants, such certificates to be mailed or delivered, as specified in the Exercise Form, at the address specified in such Exercise Form, or, if so
specified in such Exercise Form, cause to be held for such Person for pick-up at the Warrant Agency. The Warrants are subject to Section 3.3 in the event of an Acceleration Event (as defined in the
Warrant Agency Agreement). 
 The right to acquire Shares may only be exercised by the Holder within the time set forth above by: 

 

	 	(a)	 duly completing and executing the Exercise Form attached hereto; 

 

	 	(b)	 by providing a certified cheque, bank draft or money order in lawful money of United States payable to the
order of the Corporation for the aggregate purchase price of the Shares so subscribed; and 

  

	 	(c)	 surrendering this Warrant Certificate along with the above referenced payment to the Warrant Agent at the
Warrant Agency, 

 all in accordance with Section 3.2 of the Warrant Agency Agreement. 

The Warrants represented by this Certificate shall be deemed to be surrendered only upon personal delivery hereof or, if sent by mail or other means of
transmission, upon actual receipt thereof by the Warrant Agent at its principal office in the City of Toronto, Ontario. 
 Upon surrender of these Warrants,
the Person or Persons in whose name or names the Shares issuable upon exercise of the Warrants are to be issued shall be deemed for all purposes (except as provided in the Warrant Agency Agreement) to be the holder or holders of record of such
Shares, and the Corporation has covenanted that it will (subject to the provisions of the Warrant Agency Agreement) cause a certificate or certificates representing the Shares to be delivered or mailed to the Person or Persons at the address or
addresses specified in the Exercise Form within three Business Days after the Exercise Date of such Warrants. 
 The Warrant Agency Agreement provides for
adjustments to certain rights of Holders including the number of Shares issuable upon exercise of the Warrants upon subdivision, consolidation or reclassification of the Shares or any reclassification or capital reorganization of the Corporation and
certain dividends and distributions of securities, including rights, options or warrants to purchase Shares or securities exercisable, convertible or exchangeable into Shares or assets of the Corporation. The Holder should refer to the Warrant
Agency Agreement which provides for adjustments in certain other events. 

  
 - 2 - 

 The Corporation shall not be required, upon valid exercise of any Warrants after the Commencement Time and
prior to the Expiry Time, to issue fractions of Shares or to distribute certificates which evidence the same. A Holder shall not be entitled to any cash or other consideration in lieu of any fractional interest in a Warrant or claim thereto. Any
fractional Shares to which a Holder is entitled shall be rounded down to the nearest whole Share, and no cash or other consideration will be paid in lieu of fractional Shares. 

The terms and conditions relating to the Warrants and this Certificate may be modified, changed or added to in accordance with the provisions of the Warrant
Agency Agreement. The Warrant Agency Agreement contains provisions making binding upon all Holders of Warrants outstanding thereunder resolutions passed at meetings of such Holders held in accordance with such provisions and instruments in writing
signed by the Holders holding a specified percentage of the then outstanding Warrants. 
 The holding of the Warrants, as evidenced by this Certificate,
shall not constitute, or be construed as conferring upon, a Holder any right or interest whatsoever as a shareholder of the Corporation except such rights as may be provided in the Warrant Agency Agreement or in this Certificate. 

The Holder of this Certificate may, upon compliance with the reasonable requirements of the Warrant Agent and upon surrender of this Certificate, exchange
this Certificate for another Certificate or Certificates entitling the Holder thereof to receive, in the aggregate, the same number Warrants as are outstanding under this Certificate. 

The Warrants evidenced by this Certificate may only be transferred in accordance with applicable securities laws and upon due execution and delivery to the
Warrant Agent of a Transfer Form in the form attached hereto and in compliance with all the conditions prescribed in the Warrant Agency Agreement and compliance with such other reasonable requirements as the Warrant Agent may prescribe. 

This Warrant Certificate shall not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent under the Warrant Agency
Agreement. 
 The registered holder of this Warrant Certificate expressly acknowledges having requested, and consents to, the drawing in the English
language only of this Warrant Certificate evidencing the Warrants registered in his, her or its name and all documents relating to such Warrants. Le détenteur inscrit du présent certificat de bons de souscription reconnaît
expressément avoir demandé et consenti que le présent certificat attestant qu’il est le détenteur inscrit de bons de souscription, ainsi que tous les documents s’y rapportant, soient rédigés en
anglais seulement. 
 Time shall be of the essence hereof. 

[Remainder of page left intentionally blank. Signature page follows.] 

  
 - 3 - 

 IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed as of the ________ day
of _____________, 20_____. 
  

			
	VINTAGE WINE ESTATES, INC.
		
	By:	 	  

		 	Name: Patrick Roney
		 	Title: Chief Executive Officer

 This Warrant Certificate is one of the Warrant Certificates referred to in the Warrant Agency Agreement. Signed by the
Warrant Agent as of the ________ day of _____________, 20_____. 
  

			
	TSX TRUST COMPANY
		
	By:	 	  

		 	Authorized Signing Officer

  
 - 4 - 

 EXERCISE FORM 

TO:               VINTAGE WINE ESTATES, INC. 

AND TO:     TSX TRUST COMPANY 
  

	(1)	 The undersigned hereby irrevocably subscribes for, and exercises his, her or its right to be issued, the number
of Shares set forth below, such Shares being issuable upon exercise of such Warrants pursuant to the terms specified in the said Warrants and the Warrant Agency Agreement. 

The undersigned hereby irrevocably directs that the Shares be issued and delivered as follows: 

 

					
	Name in full	  	Address (include Postal Code)	  	Number of Shares

  
  

 
  

(Please print full name in which certificate(s) are to be issued.) 

Dated this ______ day of _____________________, __________. 
  

			
	  
 Signature Guaranteed
	  	  
 Signature of Registered
Holder

		
		  	  

		  	Name of Registered Holder

  

	☐	 Please check box if certificates representing these Shares are to be delivered at the office of the Warrant
Agent where this Warrant Certificate is surrendered, failing which the certificates shall be mailed to the address set forth above. 

  

	☐	 Please check box if the holder elects to exercise Warrants on a cashless basis in accordance with the Warrant
Agency Agreement. 

 Instructions: 

The registered holder may exercise his or her right to receive Shares by completing this form and surrendering this form and the Warrant Certificate
representing the Warrants being exercised, together with the applicable payment therefor, to TSX Trust Company, 301-100 Adelaide Street W., Toronto ON M5H 4H1. Certificates for Shares shall be delivered or
mailed within three Business Days after the exercise of the Warrants. 
 If the Exercise Form indicates that Shares are to be issued to a Person or Persons
other than the registered holder of the Certificate, the signature on this Exercise Form must be guaranteed by an eligible guarantor institution with membership in an approved signature guarantee medallion program. 

If the Exercise Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any Person acting in a
fiduciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Warrant Agent and the Corporation. 

 TRANSFER FORM 

ANY TRANSFER OF WARRANTS WILL REQUIRE COMPLIANCE 

WITH APPLICABLE SECURITIES LEGISLATION. TRANSFERORS AND 

TRANSFEREES ARE URGED TO CONTACT LEGAL COUNSEL BEFORE 

EFFECTING ANY SUCH TRANSFER. 

TO:              VINTAGE WINE ESTATES, INC. (formerly Bespoke Capital Acquisition
Corp.) 
 AND TO:    TSX TRUST COMPANY 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers to _____________ 

 
  
  

 
 (print name and address) the Warrants represented by
this Warrants Certificate and hereby irrevocable constitutes and appoints ______________________________________________as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent.

 DATED this _____ day of _________________, 20___. 
  

					
	 SPACE FOR GUARANTEES OF
 SIGNATURES
(BELOW)
	  	 }
 }
	  	
		  	}	  	
		  	}	  	
		  	}	  	  
 Signature of
Transferor

		  	}	  	
		  	}	  	
		  	}	  	
		  	}	  	
	  
 Guarantor’s
Signature/Stamp
	  	}	  	  
 Name of Transferor

 CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY 

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration
or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed in accordance with the transfer agent’s then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not
acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards): 

 

	 	•	 Canada and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion
Signature Guarantee Program (STAMP, SEMP, NYSE MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words
“Medallion Guaranteed”, with the correct prefix covering the face value of the certificate. 

  

	 	•	 Canada: A Signature Guarantee obtained from the Guarantor must affix a stamp bearing the actual words
“Signature Guaranteed”. Signature Guarantees are not accepted from 

  
 - 2 - 

	 	
Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including
certificate of incumbency, are also required to accompany the transfer, unless there is a “Signature & Authority to Sign Guarantee” Stamp affixed to the transfer (as opposed to a “Signature Guarantee” Stamp) obtained
from an authorized officer of a major Canadian Schedule 1 chartered bank. 

  

	 	•	 Outside North America: For holders located outside North America, present the certificates(s) and/or
document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the
signature to be over-guaranteed. 

  
 - 3 -

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