Document:

EX-4.6

 Exhibit 4.6 

Execution Version 
 THIS WARRANT AND
ANY SECURITIES ACQUIRED UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND NONE OF THIS WARRANT, SUCH SECURITIES OR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS. 

THIS WARRANT AND THE SECURITIES ACQUIRED UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO THE RIGHTS, TERMS AND CONDITIONS SPECIFIED BELOW AND IN THE STOCKHOLDER
AGREEMENTS, IN EACH CASE AS AMENDED FROM TIME TO TIME. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS WARRANT MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE STOCKHOLDER AGREEMENTS. A COPY OF THE
STOCKHOLDER AGREEMENTS WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER UPON REQUEST. 
 MONTROSE ENVIRONMENTAL GROUP, INC.

 WARRANT 
  

			
	Issuance Date: April 13, 2020	  	Certificate No. W-4

 FOR VALUE RECEIVED, Montrose Environmental Group, Inc., a Delaware corporation (the
“Company”), hereby grants to OCM Montrose II Holdings, L.P., a Delaware limited partnership or its registered assigns (the “Registered Holder”), the right, upon the terms and subject to the conditions set forth
herein, to purchase from the Company one million, three hundred fifty one thousand, nine hundred sixty (1,351,960) shares of the Warrant Stock at a price per share of $0.01 (as adjusted from time to time in accordance herewith, the “Exercise
Price”) of which nine hundred forty nine thousand, three hundred sixty seven (949,367) shares of the Warrant Stock shall constitute the “Participating Warrant Stock” and, subject to Section 2A,
four hundred two thousand, five hundred ninety three (402,593) shares of the Warrant Stock shall constitute the “Non-Participating Warrant Stock”; provided that the Registered Holder may
exercise this Warrant on a “net” basis by paying the Aggregate Exercise Price (as defined below) by delivering to the Company a portion of this Warrant representing Warrant Stock with a Fair Market Value equal to such Aggregate Exercise
Price as set forth in Section 1B(ii). In connection with this grant, the Registered Holder, the Company and the holders of Common Stock will enter into each of the Stockholder Agreements. Certain capitalized terms used
herein are defined in Section 4 hereof. The amount of securities obtainable pursuant to the rights granted hereunder and the purchase price for such securities are subject to adjustment pursuant to the provisions contained
in this Warrant. 

 This Warrant is subject to the following provisions: 

Section 1. Exercise of Warrant. 

1A. Exercise Period. The Registered Holder or the Purchaser (as defined below) may exercise, in whole or in part, the purchase rights
for the Warrant Stock represented by this Warrant with effect upon (or immediately prior to) any event set forth in clause (A), (B) or (C) of Section 2A (any such event, an “Exercise Event”) so long as
the exercise takes into effect any Warrant Adjustment trigged upon such Exercise Event and such Exercise Event occurs after the Issuance Date to and including the Expiration Date (the “Exercise Period”). 

1B. Exercise Procedure. 

(i) This Warrant shall be deemed to have been exercised when the Company has received all of the following items (the “Exercise
Time”): 
 (a) a completed Exercise Agreement, as described in Section 1C (the
“Exercise Agreement”), duly executed by the Person exercising all or part of the purchase rights represented by this Warrant (the “Purchaser”); 

(b) this Warrant; 

(c) if this Warrant is not registered in the name of the Purchaser, an assignment or assignments substantially in the form set
forth on Exhibit I attached hereto evidencing the assignment of this Warrant to the Purchaser, in which case the Registered Holder shall have complied with the provisions set forth in Section 6; 

(d) a check or wire transfer of immediately available funds payable to the Company in an amount equal to the product of the
Exercise Price multiplied by the number of shares of Warrant Stock being purchased upon such exercise (the “Aggregate Exercise Price”); and 

(e) a Joinder Agreement to each of the Stockholder Agreements in the form attached to the applicable Stockholder Agreement, in
each case duly executed by the Purchaser pursuant to and in accordance with the applicable Stockholder Agreement. 
 (ii) As an alternative
to the exercise of this Warrant as provided in Section 1B(i), the holder of this Warrant may exercise this Warrant on a “net basis” such that in lieu of payment of the Aggregate Exercise Price, the number of
shares of the Warrant Stock issuable upon exercise of this Warrant shall be reduced by a number of shares of the Warrant Stock with a Fair Market Value equal to the Aggregate Exercise Price. 

(iii) Certificates for shares of Warrant Stock (if any) purchased upon exercise of this Warrant shall be delivered by the Company to the
Purchaser within five business days after the date of the Exercise Time. Unless this Warrant has expired or all of the rights represented hereby have been exercised, the Company shall prepare a new Warrant, substantially identical hereto,
representing the rights formerly represented by this Warrant which have not expired or been exercised and shall, within such five-business day period, deliver such new Warrant to the Person designated for delivery in the Exercise Agreement. 

 (iv) No fractional shares or scrip representing fractional shares shall be issued upon an
exercise of this Warrant. In lieu of any fraction shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Fair Market Value of one share of Warrant Stock at the Exercise Time. 

(v) The issuance of certificates for shares of Warrant Stock (if any) upon exercise of this Warrant shall be made without charge to the
Registered Holder or the Purchaser for any stamp duty or similar tax with respect to such issuance. Each share of Warrant Stock will, upon exercise of this Warrant in accordance with the terms hereof and payment of the Exercise Price therefor, be
fully paid and nonassessable and free from all liens with respect to the issuance thereof. 
 (vi) The Warrant Stock issuable upon the
exercise of this Warrant shall be deemed to have been issued to the Purchaser at the Exercise Time, and the Purchaser shall be deemed for all purposes to have become the record holder of such Warrant Stock at the Exercise Time. 

(vii) The Company shall not close its books against the transfer of this Warrant or of any share of Warrant Stock issued or issuable upon the
exercise of this Warrant in any manner which interferes with the timely exercise of this Warrant. The Company shall from time to time take all such action as may be necessary to assure that the par value per share of the unissued Warrant Stock
acquirable upon exercise of this Warrant is at all times equal to or less than the Exercise Price then in effect. 
 (viii) The Company shall
use commercially reasonable efforts to assist and cooperate with any Registered Holder or Purchaser required to make any governmental filings or obtain any governmental approvals prior to or in connection with any exercise of this Warrant
(including, without limitation, making any filings required to be made by the Company). Any such governmental filings or approvals required prior to or in connection with the exercise of this Warrant shall be made or obtained at the Registered
Holder’s expense. 
 (ix) The Company shall give the Registered Holder at least 20 days’ advance written notice of the date on
which a Sale of the Company (as defined in the Investors Rights Agreement) or an IPO would become effective (“Transaction Notice”). Notwithstanding any other provision hereof, an exercise of any portion of this Warrant may, at the
election of the Registered Holder or Purchaser, be conditioned upon the consummation of an Exercise Event in which case such exercise shall not be deemed to be effective until the consummation of such Exercise Event. 

(x) The Company shall at all times reserve and keep available out of its authorized but unissued shares of Warrant Stock solely for the purpose
of issuance upon the exercise of this Warrant, such number of shares of Warrant Stock issuable upon the exercise of this Warrant (and any other warrants issued by the Company). All shares of Warrant Stock which are so issuable shall, when issued, be
duly and validly issued. The Company shall take commercially reasonable steps to assure that all such shares of Warrant Stock may be so issued 

 
without violation of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which shares of Common Stock may be listed (except for official
notice of issuance which shall be immediately delivered by the Company upon each such issuance). The Company shall not take any action which would cause the number of authorized but unissued shares of Common Stock to be less than the number of
shares of the Warrant Stock required to be reserved hereunder for issuance upon exercise of this Warrant (and any other warrants issued by the Company). 

(xi) Upon request by the Registered Holder from time to time, but not more than one time per quarter, the Company shall issue to the Registered
Holder a certificate setting forth the then-outstanding Common Stock or other equity interests of the Company and any securities convertible into or exchangeable for Common Stock or other equity interests of the Company. 

1C. Exercise Agreement. Upon any exercise of this Warrant, the Exercise Agreement shall be substantially in the form set forth on
Exhibit II attached hereto, except that if the shares of Warrant Stock are not to be issued in the name of the Person in whose name this Warrant is registered, the Exercise Agreement shall also state the name of the Person to whom the
certificates for the shares of Warrant Stock are to be issued, and if the number of shares of Warrant Stock to be issued does not include all the shares of Warrant Stock purchasable hereunder, the Exercise Agreement shall also state the name of the
Person to whom a new Warrant for the unexercised portion of the rights hereunder is to be delivered. Such Exercise Agreement shall be dated the actual date of execution thereof and shall indicate whether the Aggregate Exercise Price is to be paid in
cash or on a “net basis”. 
 Section 2. Record Date. If the Company takes a record of the holders of Common Stock for
the purpose of entitling them (i) to receive a dividend or other distribution payable in Common Stock, Options or in Convertible Securities or (ii) to subscribe for or purchase Common Stock, Options or Convertible Securities, then such
record date shall be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right
of subscription or purchase, as the case may be. 
 2A. Adjustment of Number of Shares upon Certain Events. Upon the earlier to
occur of (A) a Qualifying IPO, (B) a Full Buyout Private Offering and (C) a redemption of all of the Series A-2 Preferred Stock of the Company (the “Adjustment Event”), if the
Fair Market Value of a share of Common Stock at the time of the Adjustment Event (the “Adjustment Value”) is (1) greater than $22.19 per share of Common Stock, as adjusted for any Reallocation (as defined below) (the
“Issuance Value”), then immediately upon the occurrence of the Adjustment Event, the number of shares of Warrant Stock acquirable upon exercise of this Warrant shall be reduced by the Warrant Reduction Amount, or (2) less than
the Issuance Value, then immediately upon the occurrence of the Adjustment Event, the number of shares of Warrant Stock acquirable upon exercise of this Warrant shall be increased by the Warrant Increase Amount (in either case of clause (1) or
(2), the “Warrant Adjustment”). The “Warrant Reduction Amount” shall be an amount equal to (x) the Adjustment Value minus the Issuance Value, multiplied by (y) the number of shares of Warrant Stock
acquirable upon exercise of this Warrant prior to the Adjustment Event, divided by (z) the Adjustment Value. The “Warrant Increase Amount” shall be an amount equal to (x) the Issuance Value minus the Adjustment Value,
multiplied by (y) the number of shares of 

 
Warrant Stock acquirable upon exercise of this Warrant prior to the Adjustment Event, divided by (z) the Adjustment Value. After an Adjustment Event, all Warrant Stock for which this Warrant
is exercisable (including such shares of Non-Participating Warrant Stock as are acquirable by reason of the Warrant Increase Amount, if any) shall be deemed to be Participating Warrant Stock effective
immediately after the Warrant Adjustment is applied and the Registered Holder shall forfeit its right to the other shares of Non-Participating Warrant Stock. 

2B. Subdivision or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock dividend,
recapitalization or otherwise) the Warrant Stock into a greater number of shares (any such event, a “Subdivision”), the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced and the number
of shares of Warrant Stock obtainable upon exercise of this Warrant shall be proportionately increased. If the Company at any time combines (by reverse stock split or otherwise) the Warrant Stock into a smaller number of shares (any such event, a
“Combination” and, together with any Subdivision, a “Reallocation”), the Exercise Price in effect immediately prior to such combination shall be proportionately increased and the number of shares of Warrant Stock
obtainable upon exercise of this Warrant shall be proportionately decreased. In addition, the number of shares of Common Stock outstanding at any given time does not include shares owned or held by or for the account of the Company or any subsidiary
thereof, and the disposition of any shares so owned or held shall be considered an issue or sale of Common Stock. 
 2C. Reorganization,
Reclassification, Consolidation, Merger or Sale. Any recapitalization, reorganization, reclassification, spin-off, consolidation, merger, sale of all or substantially all of the Company’s assets with,
into or to another Person or other similar transaction which is effected in such a way that holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock or other equity interests, securities, assets or other
property with respect to or in exchange for Common Stock is referred to herein as “Organic Change”; provided that (1) in the event an Organic Change that is a Sale of the Company provides for consideration in a form other than
cash or (2) in connection with an Organic Change in which the Company is not the surviving Person and the Person surviving any such consolidation, merger or sale (if other than the Company) or to which such sale, assignment, transfer, lease,
conveyance or other disposition will have been made is not a corporation organized or existing under the laws of the jurisdiction of organization of the Company, or the laws of the United States, any state thereof or the District of Columbia, or any
territory thereof (a “Specified Corporation”), in each case the Company shall structure such Organic Change in a manner so that the Registered Holder receives only cash in such Organic Change (and, in case of clause (2), upon
receiving such cash, the Registered Holder shall not be adversely affected in respect of taxes as compared with the Organic Change occurring and the Registered Holder being paid in cash immediately prior to the Company becoming a Specified
Corporation (if applicable)). Prior to the consummation of any Organic Change, the Company shall make appropriate provision to ensure that the Registered Holder of this Warrant shall thereafter have the right to acquire and receive, in lieu of or in
addition to (as the case may be) the shares of Participating Warrant Stock immediately theretofore acquirable and receivable upon the exercise of this Warrant, such shares of stock or equity interests, securities, assets or other property as would
have been issued or payable in such Organic Change (as if this Warrant had been exercised immediately prior to such Organic Change) with respect to or in exchange for the shares of Participating Warrant Stock immediately theretofore acquirable and
receivable upon exercise of this Warrant had such Organic Change not taken place. 

 
In any such case, the Company shall make appropriate provision with respect to such holder’s rights and interests to ensure that the provisions of this Section 2
shall thereafter be applicable to this Warrant. The Company shall not effect any such consolidation, merger or sale, unless prior to the consummation thereof, the successor entity (if other than the Company) resulting from consolidation or merger or
the entity purchasing such assets assumes by written instrument, the obligation to deliver to each such holder such shares of stock or equity interests, securities, assets or other property as, in accordance with the foregoing provisions, such
holder may be entitled to acquire. The Company, its successor entity or the purchaser entity, as applicable, shall promptly issue to the Registered Holder a certificate setting forth the aggregate shares of the Common Stock or equity interests,
securities, assets or other property obtainable under this Warrant following such recapitalization, reorganization, reclassification, consolidation, merger or sale. 

2D. Notices. 
 (i) Upon any
adjustment of the Exercise Price and/or number of shares of Warrant Stock, the Company shall give written notice thereof to the Registered Holder, setting forth in reasonable detail and certifying the calculation of such adjustment. 

(ii) The Company shall give written notice to the Registered Holder at least 10 days prior to the date on which the Company closes its books or
takes a record (a) with respect to any dividend or distribution upon the Common Stock, (b) with respect to any pro rata subscription offer (including with respect to any options, convertible securities or rights to purchase stock,
warrants, securities or other property) to holders of Common Stock or (c) for determining rights to vote with respect to any Organic Change, Sale of the Company, IPO, dissolution or liquidation. 

(iii) The Company shall give written notice to the Registered Holder at least 10 days prior to the date on which any Organic Change, Sale of
the Company, IPO, dissolution or liquidation shall take place. 
 2E. No Impairment. The Company shall not avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed by the Company under this Section 2, but shall at all times in good faith assist in carrying out of all the provisions of this
Section 2 and in taking all such reasonable action as may be necessary or appropriate to protect the Registered Holder’s rights under this Section 2 against impairment. 

2F. Restricted Actions. For so long as the Registered Holder holds any portion of this Warrant, the Company shall not, and shall cause
its subsidiaries not to become subject to (including, without limitation, by way of amendment to or modification of) any agreement or instrument which by its terms would materially restrict the right of the Company or any of its subsidiaries to
fulfill its obligations under this Warrant. 
 2G. Expenses. The Company shall prepare, issue and deliver at its own expense any new
Warrant or Warrants required to be issued hereunder. 
 Section 3. Dividends and Distributions. If the Company declares or pays
a dividend or distribution upon its Common Stock, except for a dividend or distribution payable in common stock (a “Distribution”), then the Company shall pay to the Registered Holder (or any Person designated by the Registered
Holder) at the time of payment thereof the Distribution which would have been paid to the Registered Holder on the Participating Warrant Stock had this Warrant been fully exercised immediately prior to the date on which a record is taken for such
Distribution or, if no record is taken, the date as of which the record holders of Common Stock entitled to such Distribution are to be determined. 

 Section 4. Definitions. The following terms have meanings set forth below: 

“Business Day” means each day that is not a Legal Holiday. 

“Closing Price” of the Common Stock on any date of determination means the closing sale price or, if no closing sale price is
reported, the last reported sale price, of the shares of the Common Stock on the Relevant Exchange on such date. If the Common Stock is not traded on the Relevant Exchange on any date of determination, the Closing Price of the Common Stock on such
date of determination means the closing sale price as reported in the composite transactions for the principal United States securities exchange or automated quotation system on which the Common Stock is so listed or quoted, or, if no closing sale
price is reported, the last reported sale price on the principal United States securities exchange or automated quotation system on which the Common Stock is so listed or quoted, or if the Common Stock is not so listed or quoted on a United States
securities exchange or automated quotation system, the last quoted bid price for the Common Stock in the over-the-counter market as reported by OTC Markets Group Inc. or
any similar organization, or, if that bid price is not available, the market price of the Common Stock on that date as determined by an Independent Financial Advisor retained by the Company for such purpose. 

“Commission” means the Securities and Exchange Commission. 

“Common Stock” means, the Company’s Common Stock, par value $0.000004, and any capital stock of any class of the Company
hereafter authorized which is not limited to a fixed sum or percentage of par or stated value in respect to the rights of the holders thereof to participate in dividends or in the distribution of assets upon any liquidation, dissolution or winding
up of the Company. 
 “Convertible Securities” means any stock or securities (directly or indirectly) convertible into or
exchangeable for Common Stock. 
 “Expiration Date” the date that is the 10th anniversary of the Issuance Date. 

“Fair Market Value” of the Company will mean the amount which the Company would receive in an
all-cash sale of all of its assets and businesses as a going concern (free and clear of all liens and after payment of indebtedness for borrowed money) in an arms-length transaction with an unaffiliated third
party consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value. After a determination of the Fair Market Value of the Company is made as provided above, the Fair
Market Value of (i) an equity security will be determined by making a calculation reflecting the cash distributions which would be made to the equityholders in accordance with the Company’s certificate of incorporation in respect of such
equity security if the Company were deemed to have received such Fair Market Value in cash and then distributed the same to the 

 
equityholders in accordance with the terms of the Company’s certificate of incorporation incident to the liquidation of the Company after payment to all of the Company’s creditors from
such cash receipts, and assuming that all of the convertible debt and other convertible securities were repaid or converted (whichever yields more cash to the holders of such convertible securities) and all options to acquire equity securities
(whether or not currently exercisable) that have an exercise price below the Fair Market Value of such equity securities were exercised and the exercise price therefor paid, and (ii) a warrant will be determined by reference to the Fair Market
Value, if any, of the equity securities issuable thereunder, reduced by the aggregate exercise price applicable thereto. In the event of a Sale of the Company, the Fair Market Value of an equity security shall be equal to the price paid for such
equity security in such Sale of the Company, to the extent applicable. “Fair Market Value” shall be determined in good faith by the Board of Directors of the Company. Notwithstanding the foregoing, (A) upon the consummation of an IPO,
the “Fair Market Value” of a share of Common Stock will mean the issuance price of a share of Common Stock upon the consummation of the IPO, (B) upon the consummation of a Full Buyout Private Offering, the “Fair Market
Value” will mean the greater of (1) the amount per share of Common Stock as calculated pursuant to this definition and (2) the price per share of Common Stock paid by the third party investor in such Full Buyout Private Offering and
(C) following the consummation of an IPO, “Fair Market Value” of the Common Stock will mean the VWAP for a share of Common Stock for the ten (10) consecutive Trading Days immediately prior to the date of valuation. 

“Full Buyout Private Offering” shall have the meaning set forth in the Series A-2
Certificate of Designation. 
 “Independent Financial Advisor” means an accounting, appraisal, investment banking firm or
consultant of nationally recognized standing; provided, however, that such firm or consultant is not an Affiliate (as defined in the Investors Rights Agreement) of the Company and reasonably acceptable to the Registered Holder. 

“Investors Rights Agreement” means that certain Third Amended and Restated Investors’ Rights Agreement, dated on or
around the date hereof, by and among the Company and the stockholders and warrantholders party thereto, as may be amended, restated or modified pursuant to its terms (including the contemplated amendment and restatement to occur in connection with a
Qualifying IPO). 
 “IPO” means an initial sale of Common Stock of the Company or any subsidiary of the Company (or, in
each case, any successor thereto) pursuant to an effective registration statement under the Securities Act filed with the Commission. 

“Legal Holiday” means a Saturday, a Sunday or a day on which commercial banking institutions are not required or authorized
to be open in the State of New York. 

 “Market Disruption Event” means any of the following events: 

(a) any suspension of, or limitation imposed on, trading of the Common Stock by any exchange or quotation system on which the Closing Price is
determined pursuant to the definition of the term “Closing Price” (the “Relevant Exchange”) during the one-hour period prior to the close of trading for the regular trading session
on the Relevant Exchange (or for purposes of determining the VWAP per share of Common Stock, any period or periods aggregating one half-hour or longer during the regular trading session on the relevant day) and whether by reason of movements in
price exceeding limits permitted by the Relevant Exchange as to securities generally, or otherwise relating to the Common Stock; or 
 (b)
any event that disrupts or impairs (as determined by the Company in its reasonable discretion) the ability of market participants during the one-hour period prior to the close of trading for the regular
trading session on the Relevant Exchange (or for purposes of determining the VWAP per share of Common Stock, any period or periods aggregating one half-hour or longer during the regular trading session on the relevant day) in general to effect
transactions in, or obtain market values for, the Common Stock on the Relevant Exchange. 
 “Options” means any rights or
options to subscribe for or purchase Common Stock or Convertible Securities. 
 “Person” means an individual, a
partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated organization and a government or any department or agency thereof. 

“Qualifying IPO” shall have the meaning set forth in the Series A-2 Certificate of
Designation. 
 “Securities Act” means the Securities Act of 1933, as amended, or any similar or successor federal statute
and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Series A-2 Certificate of Designation” means the Certificate of Designation of Series A-2 Perpetual Convertible Preferred Stock of the Company, as amended, restated,
supplemented or otherwise modified from time to time in accordance with its terms. 
 “Stockholder Agreements” means the
Investors Rights Agreement, that certain Third Amended and Restated Voting and Drag Along Agreement, dated on or around the date hereof, by and among the Company and the stockholders and warrantholders party thereto and that certain Third Amended
and Restated Right of First Refusal and Co-Sale Agreement, dated on or around the date hereof, by and among the Company and the stockholders and warrantholders party thereto (the “ROFR and Co-Sale Agreement”). Following the consummation of a Qualifying IPO, the only Stockholder Agreement shall be deemed to be the Investor Rights Agreement (as amended and restated in connection therewith).

 “Trading Day” means a Business Day on which the Relevant Exchange is scheduled to be open for business and on which
there has not occurred a Market Disruption Event. 
 “VWAP” per share of Common Stock on any Trading Day means the per
share volume-weighted average price as displayed under the heading Bloomberg VWAP on Bloomberg (or, if Bloomberg ceases to publish such price, any successor service reasonably chosen by the Company) page “[MEG]” <equity> AQR”
(or its equivalent successor if such page is not available) in respect of the period from the open of trading on the relevant Trading Day until the close of trading on such Trading Day (or if such volume-weighted average price is unavailable, the
market price of one (1) share of Common Stock on such Trading Day determined, using a volume-weighted average method, by an Independent Financial Advisor retained for such purpose by the Company. 

 “Warrant Stock” means shares of the Common Stock; provided that if
there is a change such that the securities issuable upon exercise of the Warrants are issued by an entity other than the Company or there is a change in the type or class of securities so issuable, then the term “Warrant Stock” shall mean
one share of the security issuable upon exercise of the Warrants if such security is issuable in shares, or shall mean the smallest unit in which such security is issuable if such security is not issuable in shares. 

“Warrant Value” means $30,000,000. 

Section 5. No Rights as a Stockholder; Limitations of Liability; Participating Warrant Stock Rights under the Stockholder
Agreements. 
 5A. This Warrant shall not entitle the holder hereof to any voting rights or other rights as a stockholder of the Company.
No provision hereof, in the absence of affirmative action by the Registered Holder to purchase Warrant Stock by exercise of this Warrant, and no enumeration herein of the rights or privileges of the Registered Holder shall (i) cause the
Registered Holder to be or have any rights of a stockholder of the Company for any purpose or (ii) give rise to any liability of such holder for the Exercise Price of Warrant Stock acquirable by exercise hereof or as a stockholder of the
Company. 
 5B. This Warrant shall only entitle the holder hereof to the rights and privileges provided pursuant to the Stockholder
Agreements to the Warrantholders thereunder solely with respect to the portion of this Warrant that represents Participating Warrant Stock. 

Section 6. Transfers. 

6A. Unregistered Securities. Each holder of this Warrant acknowledges that this Warrant and the Warrant Stock have not been registered
under the Securities Act, and agrees not to sell, offer for sale, pledge, hypothecate, distribute, transfer or otherwise dispose of this Warrant or any Warrant Stock issued upon its exercise in violation of any of the Stockholder Agreements. Each
certificate or other instrument for Warrant Stock issued upon the exercise of this Warrant pursuant to Section 1B shall bear a legend substantially to the foregoing effect. 

6B. Restrictions on Transfer. This Warrant and any securities acquired upon exercise of this Warrant may not be transferred or assigned
in whole or in part except in accordance with the terms and conditions set forth in the Stockholder Agreements, including the Permitted Transfers (as defined in the ROFR and Co-Sale Agreement) of the
Registered Holder. 

 Section 7. Warrant Exchangeable for Different Denominations. This Warrant is
exchangeable, upon the surrender hereof by the Registered Holder at the principal office of the Company, for new Warrants of like tenor representing in the aggregate the rights hereunder, and each new Warrant shall represent such portion of such
rights as is designated by the Registered Holder at the time of such surrender. The date the Company initially issues this Warrant shall be deemed to be the “Issuance Date” hereof regardless of the number of times new certificates
representing the unexpired and unexercised rights formerly represented by this Warrant shall be issued. All Warrants representing portions of the rights hereunder are included in the definition of this “Warrant” hereunder. 

Section 8. Replacement. Upon receipt of evidence reasonably satisfactory to the Company (an affidavit of the Registered Holder
shall be satisfactory) of the ownership and the loss, theft, destruction or mutilation of any certificate evidencing this Warrant, and in the case of any such loss, theft or destruction, upon receipt of indemnity reasonably satisfactory to the
Company, or, in the case of any such mutilation upon surrender of such certificate, the Company shall (at its expense) execute and deliver in lieu of such certificate a new certificate of like kind representing the same rights represented by such
lost, stolen, destroyed or mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated certificate. 

Section 9. Notices. Except as expressly set forth to the contrary in this Warrant, all notices, requests or consents provided for
or permitted to be given under this Warrant must be in writing and shall be deemed delivered (a) one business day after depositing such writing with a reputable overnight courier for next day delivery, (b) three business days after
depositing such writing in the United States mail, postage paid, and registered or certified with return receipt requested or (c) upon delivering such writing to the recipient in person, by courier or by facsimile or electronic transmission (if
the facsimile or electronic mail is sent during normal business hours of the recipient; but if not, then such notice shall be deemed given on the next business day). All notices, requests and consents to be sent to the Registered Holder must be sent
to or made at c/o Oaktree Capital Management, L.P., 11611 San Vicente Blvd., Suite 700 Los Angeles, CA 90049, Attention Peter Jonna, Facsimile: *** and 333 S. Grand Ave., 28th Fl., Los Angeles, CA 90071 and Attention: Brook Hinchman, and ***, Email:
*** and ***, or such other address as the Registered Holder may specify by notice to the Company. Any notice, request or consent to the Company must be sent to or made at Montrose Environmental Group, Inc., 1 Park Plaza, Suite 1000, Irvine, CA,
92614, Attention: Nasym Afsari, Facsimile: ***, Email: ***. 
 Section 10. Severability. Wherever possible, each provision of
this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of
such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Warrant. 

Section 11. Amendment and Waiver. The provisions of this Warrant may be amended and the Company may take any action herein
prohibited, or omit to perform any act herein required to be performed by it, only with, in each case, the prior written consent of the Company and the Registered Holders of Warrants representing a majority of the Warrant Stock obtainable upon
exercise of the Warrants. 

 Section 12. Descriptive Headings; Governing Law. The descriptive headings of the
several sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. The corporate laws of the State of Delaware shall govern all issues concerning the relative rights of the Company and its
stockholders. All other issues concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by the internal law of the State of Delaware, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware. 

*    *    *    * 

 IN WITNESS WHEREOF, the parties have executed this Warrant as of the Issuance Date hereof.

  

			
	MONTROSE ENVIRONMENTAL GROUP, INC.

 
			
		
	By:	 	 /s/ Vijay Manthripragada

			
	Name: Vijay Manthripragada
	Title: Chief Executive Officer

 [SIGNATURE PAGE TO WARRANT] 

			
	Accepted and Agreed:
	
	OCM Montrose II Holdings, L.P.
		
	By:	 	Oaktree Fund GP, LLC
	Its:	 	General Partner
		
	By:	 	Oaktree Fund GP I, L.P.
	Its:	 	Managing Member
		
	By:	 	 /s/ Brook Hinchman

	Name:	 	Brook Hinchman
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Jordan Mikes

	Name:	 	Jordan Mikes
	Title:	 	Authorized Signatory

  
 [SIGNATURE PAGE TO
WARRANT] 

 EXHIBIT I 

ASSIGNMENT 
 FOR VALUE RECEIVED,
_____________________________the undersigned hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant (Certificate No. W-4) with respect to the number of shares of
the common stock of Montrose Environmental Group, Inc. covered thereby set forth below, unto: 
  

					
	 Names of Assignee
	 	 Address
	 	 No. of Shares

Each assignee listed above hereby acknowledges and agrees to be bound by all terms and conditions of the attached Warrant as if such assignee
were signatory to this Warrant. 
  

			
	[NAME OF HOLDER]
		
	By:	 	
                 

	Name:
	Title:

  

			
	Agreed and acknowledged by:
	
	[NAME OF ASSIGNEE]
		
	By:	 	              

	Name:
	Title:
	
	Date:                             

 EXHIBIT II 

EXERCISE AGREEMENT 
  

			
	To: Montrose Environmental Group, Inc.	  	Dated:

 The undersigned, pursuant to the provisions set forth in the attached Warrant (Certificate No. W-4), hereby agrees to subscribe for the purchase of ______ shares of the common stock of Montrose Environmental Group, Inc., a Delaware corporation, covered by such Warrant [and makes payment herewith in full
therefor at the price per unit provided by such Warrant] [and elects to effect such exercise on a “net basis”]. 
  

			
	[NAME OF HOLDER]
		
	By:	 	
                 

	Name:
	Title:
	
	 Address:EX-10.1

 Exhibit 10.1 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is entered effective
                     (the “Effective Date”) by and between Montrose Environmental Group, Inc., a Delaware corporation (the
“Company”), and                      (the “Indemnitee”). 

RECITALS 
 WHEREAS, the
Board of Directors has determined that the inability to attract and retain qualified persons as directors and officers is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons
that there shall be adequate certainty of protection through insurance and indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the Company; 

WHEREAS, the Company has adopted provisions in its Certificate of Incorporation and Bylaws providing for indemnification and advancement of
expenses of its directors and officers to the fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”), and the Company wishes to clarify and enhance the rights and obligations of the Company
and the Indemnitee with respect to indemnification and advancement of expenses; 
 WHEREAS, in order to induce and encourage highly
experienced and capable persons such as the Indemnitee to serve and continue to serve as directors and officers of the Company and in any other capacity with respect to the Company as the Company may request, and to otherwise promote the desirable
end that such persons shall resist what they consider unjustified lawsuits and claims made against them in connection with the good faith performance of their duties to the Company, with the knowledge that certain costs, judgments, penalties, fines,
liabilities, and expenses incurred by them in their defense of such litigation are to be borne by the Company and they shall receive appropriate protection against such risks and liabilities, the Board of Directors of the Company has determined that
the following Agreement is reasonable and prudent to promote and ensure the best interests of the Company and its stockholders; and 

WHEREAS, the Company desires to have the Indemnitee continue to serve as a director or officer of the Company and in any other capacity with
respect to the Company as the Company may request, as the case may be, free from undue concern for unpredictable, inappropriate, or unreasonable legal risks and personal liabilities by reason of the Indemnitee acting in good faith in the performance
of the Indemnitee’s duty to the Company; and the Indemnitee desires to continue so to serve the Company, provided, and on the express condition, that he or she is furnished with the protections set forth hereinafter. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the Indemnitee’s continued service as a director or officer of the Company, the parties hereto agree
as follows: 
 1.    Definitions. For purposes of this Agreement: 

(a)    A “Change in Control” will be deemed to have occurred if, with respect to any particular 24-month period, the individuals who, at the beginning of such 24-month period, constituted the Board of Directors of the Company (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the beginning of such 24-month period
whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a person other than the Board of Directors. 

(b)    “Disinterested Director” means a director of the Company who is not or was not a party to the
Proceeding in respect of which indemnification is being sought by the Indemnitee. 
 (c)    “Expenses”
includes, without limitation, expenses incurred in connection with the defense or settlement of any action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any
other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative (whether formal or informal),
or other nature, attorneys’ fees, witness fees and expenses, fees and expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for, and other costs relating to any bond (including cost
bonds, appraisal bonds, or their equivalents), and any expenses of establishing a right to indemnification or advancement under Sections 9, 11, 13, and 16 hereof, but shall not include the amount of judgments, fines, ERISA excise taxes, or
penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee. 

(d)    “Independent Counsel” means a law firm or a member of a law firm that neither is presently nor in
the past five years has been retained to represent (i) the Company or the Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a request for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or
the Indemnitee in an action to determine the Indemnitee’s right to indemnification under this Agreement. 

(e)    “Proceeding” means any action, suit, arbitration, alternative dispute resolution mechanism,
investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil,
criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the Indemnitee is or was a director, officer,
employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a
partnership, joint venture, trust, 

  
 2 

 
or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee is
serving in such capacity at the time any expense, liability, or loss is incurred for which indemnification or advancement can be provided under this Agreement. 

2.    Service by the Indemnitee. The Indemnitee shall serve and/or continue to serve as a director or officer of
the Company faithfully and to the best of the Indemnitee’s ability so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee’s successor is elected and qualified or the Indemnitee is removed as permitted
by applicable law or tenders a resignation in writing. 
 3.    Indemnification and Advancement of Expenses. The
Company shall indemnify and hold harmless the Indemnitee, and shall pay to the Indemnitee in advance of the final disposition of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent
authorized by the DGCL, as the same exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to
indemnification and advancement of Expenses provided hereunder shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement of Expenses shall be paid to the Indemnitee: 

(a)    to the extent expressly prohibited by applicable law as determined in a final adjudication not subject to further
appeal; 
 (b)    for and to the extent that payment is actually made to the Indemnitee under a valid and collectible
insurance policy or under a valid and enforceable indemnity clause, provision of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee shall reimburse the Company for any
amounts paid by the Company and subsequently so recovered by the Indemnitee); provided, however, that payment made to Indemnitee pursuant to an insurance policy purchased and maintained by Indemnitee at his or her own expense of any
amounts otherwise indemnifiable or obligated to be made pursuant to this Agreement shall not reduce the Company’s obligations to Indemnitee pursuant to this Agreement; or 

(c)    in connection with an action, suit, or proceeding, or part thereof voluntarily initiated by the Indemnitee
(including claims and counterclaims, whether such counterclaims are asserted by (i) the Indemnitee, or (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding or arbitration pursuant to
Section 11 to enforce rights under this Agreement, unless the action, suit, or proceeding, or part thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines that indemnification
or advancement of Expenses is appropriate. 
 4.    Action or Proceedings Other than an Action by or in the Right of
the Company. Except as limited by Section 3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise
involved in, any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, 

  
 3 

 
or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or
trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan (including as a deemed fiduciary thereto), or by reason of anything done or not done by the
Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the
Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful. 

5.    Indemnity in Proceedings by or in the Right of the Company. Except as limited by Section 3 above, the
Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought by or in the right of the
Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving
at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of
anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in
settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company; provided, however, that no such indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any
finding of liability of Indemnitee to the Company in a final adjudication not subject to further appeal, unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense, liability, and loss as such court shall deem proper. 

6.    Indemnification for Costs, Charges, and Expenses of Successful Party. Notwithstanding any limitations of
Sections 3(c), 4, and 5 above, to the extent that the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without
limitation, the dismissal of any action without prejudice, or if it is ultimately determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled
to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith. 

7.    Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of the expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or 

  
 4 

 
on behalf of the Indemnitee, and Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding or arbitration pursuant to
Section 11 to enforce rights under this Agreement, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually and reasonably
incurred to which the Indemnitee is entitled. 
 8.    Indemnification for Expenses of a Witness. Notwithstanding
any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled to indemnification against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf if the
Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee’s service as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative
dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other
nature, to which the Indemnitee neither is, nor is threatened to be made, a party.  

9.    Determination of Entitlement to Indemnification. To receive indemnification under this Agreement, the
Indemnitee shall submit a written request to an officer of the Company. Such request shall include documentation or information that is necessary for such determination and is reasonably available to the Indemnitee. Upon receipt by an officer of the
Company of a written request by the Indemnitee for indemnification, the entitlement of the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section 6 or Section 8 of this Agreement, shall be determined by
the following person or persons who shall be empowered to make such determination (as selected by the Board of Directors, except with respect to Section 9(e) below): (a) the Board of Directors of the Company by a majority vote of
Disinterested Directors, whether or not such majority constitutes a quorum; (b) a committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c) if there are no
Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; (d) the stockholders of the Company; or
(e) in the event that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of
Directors and approved by the Indemnitee, except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon
failure of the Indemnitee so to approve (or so to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application to a court of competent jurisdiction. The determination of entitlement to
indemnification shall be made and, unless a contrary determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar days after receipt by an Officer of the Company of a written request for
indemnification. If the person making such determination shall determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person shall reasonably prorate such partial
indemnification among the claims, issues, or matters at issue at the time of the determination. 

10.    Presumptions and Effect of Certain Proceedings. The Secretary of the Company shall, promptly upon receipt of
the Indemnitee’s written request for indemnification, advise in 

  
 5 

 
writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section 9 that the Indemnitee has made such request for indemnification.
Upon making such request for indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination contrary to such presumption by clear and
convincing evidence to the contrary. If the person or persons so empowered to make such determination shall have failed to make the requested determination with respect to indemnification within 60 calendar days after receipt by an Officer of the
Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual fraud in the request for indemnification.
The termination of any Proceeding described in Sections 4 or 5 by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself (a) create a presumption that the Indemnitee did
not act in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had reasonable cause to believe his or her conduct was unlawful or
(b) otherwise adversely affect the rights of the Indemnitee to indemnification except as may be provided herein. 

11.    Remedies of the Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses; Right to Bring
Suit. In the event that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification pursuant to Sections 9 and 10, or
if an advancement of Expenses is not timely made pursuant to Section 16, the Indemnitee may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement of Expenses, and any
such suit shall be brought in the Court of Chancery of the State of Delaware unless otherwise required by the law of the state in which the Indemnitee primarily resides and works. Alternatively, the Indemnitee at the Indemnitee’s option may
seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days following the filing of the demand for
arbitration. The Company shall not oppose the Indemnitee’s right to seek any such adjudication or award in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit or
arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard
described in Section 4 or 5, as applicable. Further, in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final
judicial decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct described above. Neither the failure of the Company (including the Disinterested Directors,
a committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such suit or arbitration that indemnification of the Indemnitee is proper in the circumstances because the
Indemnitee has met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has
not met the standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such a suit brought by the Indemnitee, be a defense to such suit. In any suit
brought by the Indemnitee to enforce a right to 

  
 6 

 
indemnification or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of proving that the
Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section 11 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant to the terms of Section 9
or 10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that the procedure by which such determination was made is
not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator pursuant to this Section 11 that the Company is bound by all the provisions of this Agreement and is precluded from making any
assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee
in connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover an advancement of Expenses pursuant to
the terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in
defense of such suit, to the fullest extent permitted by law. 

12.    Non-Exclusivity of Rights. The rights to indemnification and to the
advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested Directors, provisions of
a charter or bylaws (including the Certificate of Incorporation or Bylaws of the Company), or otherwise. 

13.    Expenses to Enforce Agreement. In the event that the Indemnitee is subject to or intervenes in any action,
suit, or proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement, the
Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses actually and reasonably incurred by the
Indemnitee in connection therewith. 
 14.    Continuation of Indemnity. All agreements and obligations of the
Company contained herein shall continue during the period the Indemnitee is a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company as a
director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan (included as a deemed fiduciary thereto), and shall
continue thereafter with respect to any possible claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving at the request of the Company as a director, officer, employee, agent,
or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be binding upon all successors and assigns of the Company (including
any transferee of all or substantially all of its assets and any successor by merger or operation of law) and shall inure to the benefit of the Indemnitee’s heirs, executors, and administrators. In addition,

  
 7 

 
the Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement and indemnify Indemnitee to the fullest extent permitted by law. 

15.    Notification and Defense of Proceeding. Promptly after receipt by the Indemnitee of notice of any
Proceeding, the Indemnitee shall, if a request for indemnification or an advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement thereof; but the omission
so to notify the Company shall not relieve it from any liability that it may have to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee notifies the Company: 

(a)    The Company shall be entitled to participate therein at its own expense; 

(b)    Except as otherwise provided in this Section 15(b), to the extent that it may wish, the Company, jointly with
any other indemnifying party similarly notified, shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the
Company shall not be liable to the Indemnitee under this Agreement for any expenses of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee shall have the right to
employ the Indemnitee’s own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the
employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of
such Proceeding, or (iii) the Company shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the
Indemnitee’s counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided
for in (ii) above; and 
 (c)    Notwithstanding any other provision of this Agreement, the Company shall not be
liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company’s written consent, or for any judicial or other award, if the Company was not given an opportunity, in
accordance with this Section 15, to participate in the defense of such Proceeding. The Company shall not be required to obtain the consent of the Indemnitee for the settlement of any Proceeding the Company has undertaken to defend if the
Company assumes full and sole responsibility for each such settlement; provided, however, that the Company shall be required to obtain Indemnitee’s prior written approval, which may be granted or withheld in Indemnitee’s sole, reasonable
discretion, before entering into any settlement which (i) does not grant Indemnitee a complete and unqualified release of liability; (ii) would impose any penalty or limitation on Indemnitee or (b) would admit any liability or
misconduct by Indemnitee. 

  
 8 

 16.    Advancement of Expenses. 

(a)    All Expenses incurred by the Indemnitee in defending any Proceeding described in Section 4 or 5 shall be paid
by the Company in advance of the final disposition of such Proceeding at the request of the Indemnitee. The right to advances under this section shall in all events continue until the final disposition of any Proceeding, including any appeal
therein. The Indemnitee’s right to advancement shall not be subject to the satisfaction of any standard of conduct and advances shall be made without regard to the Indemnitee’s ultimate entitlement to indemnification under the provisions
of this Agreement or otherwise, and shall be made without regard to Indemnitee’s ability to repay. Advances shall be unsecured and interest free. 

(b)    The Company shall not seek from a court, or agree to, a “bar order” which would have the effect of
prohibiting or limiting the Indemnitee’s rights to receive advancement of expenses under this Agreement. 

(c)    Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the
Company shall, in accordance with such request (but without duplication), (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such
Expenses. To receive an advancement of Expenses under this Agreement, the Indemnitee shall submit a written request to the Company. Such request shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by
an undertaking, by or on behalf of the Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the
Indemnitee is not entitled to be indemnified for such Expenses by the Company as provided by this Agreement or otherwise. 

(d)    The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which
shall constitute an undertaking providing that the Indemnitee undertakes to the fullest extent permitted by law to repay the advance (without interest) if and to the extent that it is ultimately determined by a court of competent jurisdiction in a
final judgment, not subject to further appeal, that Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. 

(e)    Each such advancement of Expenses shall be made within 20 calendar days after the receipt by an Officer of the
Company of such written request. 
 (f)    The Indemnitee’s entitlement to Expenses under this Agreement shall
include those incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to Section 11 of this Agreement (including the enforcement of this provision) to the extent the
court or arbitrator shall determine that the Indemnitee is entitled to an advancement of Expenses hereunder. 

17.    Severability; No Imputation; Prior Indemnification Agreements. If any provision or provisions of this
Agreement shall be held to be invalid, illegal, or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted 

  
 9 

 
by law (a) the validity, legality, and enforceability of such provision in any other circumstance and of the remaining provisions of this Agreement (including, without limitation, all
portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not by themselves invalid, illegal, or unenforceable) and the application of such provision to other persons or
entities or circumstances shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing
any such provision held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed so as to give effect to the intent of the parties that the Company provide protection to the Indemnitee
to the fullest extent set forth in this Agreement. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or the Company itself shall not be imputed to Indemnitee for purposes of determining any
rights under this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and between the Company and the Indemnitee and any such prior agreements shall be terminated upon execution of this
Agreement. 
 18.    Good Faith. For purposes of any determination of good faith, Indemnitee shall be presumed to
have acted in good faith if Indemnitee’s action is based on the records or books of account of the Company, including financial statements, or on information supplied to Indemnitee by the officers of the Company in the course of their duties,
or on the advice of legal counsel for the Company or the Board or counsel selected by any committee of the Board or on information or records given or reports made to the Company by an independent certified public accountant or by an appraiser,
investment banker, compensation consultant, or other expert selected with reasonable care by the Company or the Board or any committee of the Board. The provisions of this Section 19 shall not be deemed to be exclusive or to limit in any
way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct. Whether or not the foregoing provisions of this Section are satisfied, it shall in any event be presumed that Director has at all times
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. 

19.    Monetary Damages Insufficient/Specific Performance. The Company and Indemnitee agree that a monetary remedy
for breach of this Agreement may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by
seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm (having agreed that actual and irreparable harm will result in not forcing the Company to specifically perform its
obligations pursuant to this Agreement) and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled. The Company and Indemnitee further
agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in
connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by the Court, and the Company hereby waives any such requirement of a bond or undertaking. 

  
 10 

 20.    Contribution. If the indemnification provided pursuant to
this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason other than those set forth in Section 3, then in respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if
joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for
Expenses, judgments, decisions of arbitrators, fines, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and
relinquishes any right of contribution it may have at any time against Indemnitee; provided, however, that such right to contribution described in this section shall terminate at the time the Company concludes (per the terms of this Agreement) that
(i) Indemnitee is not entitled to indemnification pursuant to this agreement, or (ii) such indemnification obligation to Indemnitee has been fully discharged by the Company. 

21.    Insurance. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has
D&O Insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or
desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. In the event of a change of control or the Company’s becoming insolvent,
the Company shall maintain in force any and all insurance policies then maintained by the Company in providing insurance—directors’ and officers’ liability, fiduciary, employment practices or otherwise—in respect of the
individual directors and officers of the Company, for a fixed period of six years thereafter (a “Tail Policy”). Such coverage shall be non-cancellable. Such broker shall place the Tail policy with
the incumbent insurance carriers using the policies that were in place at the time of the change of control event (unless the incumbent carriers will not offer such policies, in which case the Tail Policy placed by the Company’s insurance
broker shall be substantially comparable in scope and amount as the expiring policies, and the insurance carriers for the Tail Policy shall have an AM Best rating that is the same or better than the AM Best ratings of the expiring policies). 

22.    Headings; References; Pronouns. The headings of the sections of this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. References herein to section numbers are to sections of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the
singular or plural as appropriate. 
 23.    Other Provisions. 

(a)    This Agreement and all disputes or controversies arising out of or related to this Agreement shall be governed by,
and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of conflicts of laws principles of the State of Delaware , unless otherwise required by
the law of the state in which the Indemnitee primarily resides and works.  

  
 11 

 (b)    This Agreement may be executed in two or more counterparts, all
of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. 

(c)    This Agreement shall not be deemed an employment contract between the Company and any Indemnitee who is an officer
of the Company, and, if the Indemnitee is an officer of the Company, the Indemnitee specifically acknowledges that the Indemnitee may be discharged at any time for any reason, with or without cause, and with or without severance compensation, except
as may be otherwise provided in a separate written contract between the Indemnitee and the Company. 
 (d)    In the
event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee (excluding insurance obtained on the Indemnitee’s own behalf), and the Indemnitee shall
execute all papers required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 

(e)    This Agreement may not be amended, modified, or supplemented in any manner, whether by course of conduct or
otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each party. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, and no
single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, shall preclude any other or further exercise thereof or the exercise of any other right or
power. 
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 IN WITNESS WHEREOF, the Company and the Indemnitee have caused this Agreement to be executed
as of the date first written above. 
  

			
	MONTROSE ENVIRONMENTAL GROUP, INC.
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	     

Indemnitee:

  
 SIGNATURE
PAGE TO INDEMNIFICATION AGREEMENT

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