Document:

Exhibit 10.3

 

MEDICINE MAN TECHNOLOGIES, INC.

 

February 26, 2021

 

CRW Capital Cann Holdings, LLC

25 Highland Park Village, Suite 100-868

Dallas, TX 75205

 

Ladies and Gentlemen:

 

This letter agreement (this
“Agreement”) will confirm our agreement that pursuant to and effective upon the closing of your purchase (the “Purchase”)
of up to 30,000 shares of Series A Preferred Stock of Medicine Man Technologies, Inc. (the “Company”), CRW Capital
Cann Holdings, LLC (the “Investor”) shall be entitled to the contractual rights set forth below, in addition to the
rights specifically set forth in the Securities Purchase Agreement dated as of the date hereof by and between the Company and the Investor
(the “Purchase Agreement”) and the Certificate of Designation of the Company that is referenced in the Purchase Agreement
(the “Certificate of Designation”). The offering of the Series A Preferred Stock of the Company contemplated by the
Purchase Agreement and the Confidential PPM (as defined in the Purchase Agreement) is sometimes referred to herein as the “Offering.”
Capitalized terms that are used but not defined herein shall have the meaning given to them in the Purchase Agreement or, if applicable,
the Certificate of Designation.

 

1.                  
Board Nomination Rights.

 

(a)               
The Company shall take all actions to ensure that from and after the Closing and for so long as the Investor meets the Ownership
Threshold (as defined below) as of the date of determination, the Company shall use its best efforts to appoint one individual designated
by the Investor (an “Investor Designee”) to the board of directors of the Company (the “Board”).
The Investor’s initial Investor Designee shall be Jeff Cozad (the “Initial Designee”). Following the Closing,
the Company shall use its best efforts to cause the appointment to the Board of the Initial Designee and thereafter, for so long as the
Investor’s Board nomination right under this Section 1 continues, the Company will use its best efforts to cause the Investor Designee
to be elected to the Board (including recommending that the Company’s stockholders vote in favor of the election of such designee,
soliciting proxies and contesting any proxy contest and otherwise supporting such designee for election in a manner no less rigorous and
favorable than the manner in which the Company supports its other nominees); provided that if the Investor determines to designate
a different individual (“Replacement Designee”) as the Investor Designee, such obligation shall instead apply to the
Replacement Designee. If the Investor Designee ceases to be a director of the Company, the Company shall use its best efforts to cause
the appointment to the Board of a Replacement Designee nominated by the Investor to fill the vacancy and thereafter the Company will use
its best efforts to cause the election of such an individual to the Board, subject to the same conditions and limitations as set forth
in the foregoing sentence. During such time as the Investor Designee is a member of the Board, the Investor Designee shall be entitled
to the same level of compensation, directors’ and officers’ indemnity insurance coverage and indemnity and exculpation protection
(including under any indemnification agreement) as the other independent members of the Board. For purposes hereof, “Ownership
Threshold” means that the Investor owns, in the aggregate, at least $15,000,000 of Preferred Stock, on an as-converted to Common
Stock basis, as of any date of determination, based on the 30-Day Trailing VWAP (as defined below); provided, however, that the Ownership
Threshold shall automatically be deemed to be satisfied at any time the Investor holds at least 15,000 (as such amount may be adjusted
for stock splits, subdivisions, combinations and the like) shares of Preferred Stock. For purposes hereof, “30-Day Trailing VWAP”
means, as of any date of determination, the volume-weighted average price per share of Common Stock on the exchange on which the Common
Stock is then traded during the regular trading session (and excluding pre-market and after-hours trading) over the thirty (30) consecutive
trading days prior to and including such determination date.

 

 

 

    	 	1	 

     

    

 

(b)               
For so long as the Investor is entitled to designate an Investor Designee for election to the Board under this letter agreement,
each committee of the Board shall include the Investor Designee as a member or, if the Investor so elects, as an observer; provided, however,
that if the Investor Designee is not eligible for membership on any given committee of the Board under then applicable listing and corporate
governance standards of a trading exchange or any Applicable Law, then such committee shall include the Investor Designee as an observer
only; provided, further, that the Company shall exercise all authority under Applicable Law to permit the inclusion of the Investor Designee
on such committee, including, without limitation, by causing an increase in the number of directors on such committee.

 

(c)               
The Investor Designee shall take all action reasonably requested by the Company, at the Company’s cost and expense, to comply
with applicable state cannabis laws and regulations, including, without limitation, making all requisite filings under such laws and regulations
as and when requested by the Company and the Investor Designee shall, at the Company’s cost and expense, reasonably cooperate with
the Company with respect to any report, filing, notification or other communication with or to any state governmental authority related
to the Company’s licenses, approvals, consents or obligations under state cannabis laws and regulations related to such Investor
Designee’s capacity as a director of the Company, including, without limitation, any investigation or inquiry by a state governmental
authority related to any of the foregoing. If the Investor Designee is determined to be unsuitable or disqualified to serve on the Board
by a state governmental authority, including, without limitation, the Colorado Marijuana Enforcement Division, such Investor Designee
shall immediately resign from the Board and the Investor shall be entitled to appoint a Replacement Designee in accordance with the provisions
of Section 1(a) above.

 

2.                  
For so long as the Investor is entitled to designate an Investor Designee for election to the Board under this letter agreement,
the Investor may examine the books and records of the Company and inspect its facilities and may request information at reasonable times
and intervals concerning the general status of the Company’s financial condition and operations, provided that the Investor may
be excluded from access to any information or facilities if the Company determines in good faith, upon advice of counsel, that such exclusion
is reasonably necessary to preserve the attorney-client privilege, to protect highly confidential proprietary information, or for other
similar reasons; provided, however, that if any of the foregoing information constitutes or contains material, non-public information,
the Company shall provide the Investor a statement asking whether the Investor is willing to accept material non-public information and
provide such information to the Investor solely if the Investor consents to receive such information.

 

3.                  
For so long as the Investor is entitled to designate an Investor Designee for election to the Board under this letter agreement,
if the Investor is not represented on the Board, the Company shall, concurrently with delivery to the Board, give a representative of
the Investor copies of all notices, minutes, consents and other material that the Company provides to its directors, except that the representative
may be excluded from access to any material or meeting or portion thereof if the Board determines in good faith, upon advice of counsel,
that such exclusion is reasonably necessary to preserve the attorney-client privilege, to protect highly confidential proprietary information,
or for other similar reasons; provided, however, that if any of the foregoing material constitutes or contains material, non-public information,
the Company shall provide the Investor a statement asking whether the Investor is willing to accept material nonpublic information and
provide such information to the Investor solely if the Investor consents to receive such information. Upon reasonable notice and at a
scheduled meeting of the Board or such other time, if any, as the Board may determine in its sole discretion, such representative may
address the Board with respect to the Investor’s concerns regarding significant business issues facing the Company.

 

4.                  
If, on or after the Closing, the Company issues any rights or benefits containing provisions (including, without limitation, any
of the terms of pricing, conversion price, exercise price, anti-dilution, liquidation, distributions, and registration rights) that are
more favorable than those set forth in the Purchase Agreement and Certificate of Designation to any other holder of the Preferred Stock
issued in the Offering who acquires an amount of Preferred Stock that is less than or equal to the amount of Preferred Stock acquired
by the Investor pursuant to the Purchase Agreement, the Company will make such provisions (or any more favorable portion thereof) available
to the Investor and will use best efforts to enter into amendments necessary to confer such rights on the Investor.

 

 

 

    	 	2	 

     

    

 

5.                  
Right to Participate.

 

(a)               
From and after the Closing and for so long as the Investor meets the Ownership Threshold, the Company will not, directly or indirectly,
issue, sell or grant any securities or options to purchase any of its securities (any such issuance, sale or grant being referred to as
a “Placement”), unless the Company shall have first complied with this Section 5.

 

(b)               
At least five Trading Days prior to any proposed or intended Placement, the Company shall deliver to the Investor a written notice
(each such notice, a “Pre-Notice”), which Pre-Notice shall not contain any information (including, without limitation,
material, non-public information) other than: (i) if the proposed Offer Notice (as defined below) constitutes or contains material, non-public
information, a statement asking whether the Investor is willing to accept material non-public information or (ii) if the proposed Offer
Notice does not constitute or contain material, non-public information, (x) a statement that the Company proposes or intends to effect
a Placement, (y) a statement that the statement in clause (x) above does not constitute material, nonpublic information and (z) a statement
informing the Investor that it is entitled to receive an Offer Notice with respect to such Placement upon its written request. Upon the
written request of the Investor within three Trading Days after the Company’s delivery to the Investor of such Pre-Notice, and only
upon a written request by the Investor, the Company shall promptly, but no later than one Trading Day after such request, deliver to the
Investor an irrevocable written notice (the “Offer Notice”) of any proposed or intended issuance, sale or grant (the
“Offer”) of the securities being offered (the “Offered Securities”) in a Placement, which Offer
Notice shall (A) identify and describe the Offered Securities, (B) describe the price and other terms upon which they are to be issued,
sold or granted, and the number or amount of the Offered Securities to be issued, sold or granted, (C) identify the Persons (if known)
to which or with which the Offered Securities are to be issued, sold or granted and (D) offer to issue and sell to the Investor in accordance
with the terms of the Offer the Investor’s pro rata portion of the Offered Securities, provided that the number of Offered Securities
which the Investor shall have the right to subscribe for under this Section 5 shall be equal to a percentage of the Offered Securities
determined as follows: the number of shares of Preferred Stock beneficially held by the Investor on the date of the Offer Notice on an
as-converted to Common Stock basis shall be divided by the total number of shares of Common Stock outstanding on the date of the
Offer Notice on an as-converted, fully-diluted basis (taking into account all outstanding securities of the Company regardless of whether
the holders of such securities have the right to convert or exercise such securities for Common Stock at the time of determination).

 

(c)               
To accept an Offer, the Investor must deliver a written notice to the Company prior to the end of the fifth Trading Day after the
Investor’s receipt of the Offer Notice (the “Offer Period”), setting forth whether the Investor elects to purchase
all or none (but not some) of the Offered Securities the Investor is eligible to purchase pursuant to this Section 5 (the “Notice
of Acceptance”). Notwithstanding the foregoing, if the Company desires to modify or amend the terms and conditions of the Offer
prior to the expiration of the Offer Period, the Company may deliver to the Investor a new Offer Notice and the Offer Period shall expire
on the fifth Trading Day after the Investor’s receipt of such new Offer Notice.

 

(d)               
The Company shall have ten Trading Days from the expiration of the Offer Period above to issue, sell or grant all or any part of
such Offered Securities as to which a Notice of Acceptance has not been given by the Investor (the “Refused Securities”)
pursuant to a definitive agreement(s), but only upon terms and conditions that are not more favorable to the acquiring Person or Persons
or less favorable to the Company than those set forth in the Offer Notice.

 

(e)               
Upon the closing of the issuance, sale or grant of the Offered Securities, the Investor shall acquire from the Company, and the
Company shall issue to the Investor, the number or amount of Offered Securities specified in its Notice of Acceptance. Any Offered Securities
not acquired by the Investor or other Persons in accordance with this Section 5 may not be issued or sold until they are again offered
to the Investor under the procedures specified in this Section 5.

 

 

 

    	 	3	 

     

    

 

(f)                
Notwithstanding anything to the contrary in this Section 5 and unless otherwise agreed to in writing by the Investor, the Company
shall either confirm in writing to the Investor that the transaction with respect to the Placement has been abandoned or shall publicly
disclose its intention to issue the Offered Securities, in either case, in such a manner such that the Investor will not be in possession
of any material, non-public information, by the fifth Trading Day following delivery of the Offer Notice. If by such fifth Trading Day,
no public disclosure regarding a transaction with respect to the Offered Securities has been made, and no notice regarding the abandonment
of such transaction has been received by the Investor, such transaction shall be deemed to have been abandoned and the Investor shall
not be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries. Should the Company
decide to pursue a transaction with respect to the Offered Securities which had been deemed to have been abandoned pursuant to the preceding
sentence, the Company shall provide the Investor with another Offer Notice and the Investor will again have the right of participation
set forth in this Section 5.

 

(g)               
The participation rights contained in this Section 5 shall not apply to (i) securities issued to any employee, officer, director
or consultant pursuant to any incentive equity plan that has been approved by the Board, (ii) any securities issued upon exercise, conversion
or exchange of securities issued pursuant to clause (i) of this Section 5(g), (iii) any securities issues upon exercise, conversion or
exchange of any securities that are outstanding on the Original Issue Date; provided, that any issuance of securities upon exercise, conversion
or exchange of any securities that are outstanding on the Original Issue Date is made pursuant to the terms of such securities in effect
on the Original Issue Date and such securities are not amended, modified or changed on or after the Original Issue Date in any manner
that materially and adversely affects the Investor, (iv) securities issued by the Company in connection with acquisitions, joint ventures
or debt financing of the Company, (v) any proportional subdivision of Common Stock or Preferred Stock (including any dividend or stock
split), any combination of Common Stock or Preferred Stock or any other proportional recapitalization, or (vi) any securities issued as
a dividend or other distribution made on the Preferred Stock or otherwise on a pro rata basis to all stockholders of the Company.

 

6.                  
From and after the Closing and for so long as the Investor meets the Ownership Threshold, the Company shall not issue any Senior
Securities without the written consent of the Investor, which the Investor may grant or withhold in its sole discretion.

 

7.                  
The Company shall pay CRW Capital, LLC, the manager of the Investor, a monitoring fee equal to $150,000, which such monitoring
fee shall be paid in monthly installments of $10,000 commencing on the date of the Closing.

 

8.                  
This Agreement and the rights, privileges and obligations herein are personal to the Investor and may not be assigned, transferred,
subcontracted or delegated (in whole or in part) by the Investor, including by operation of law, without the prior written consent of
the Company to any Person other than an Affiliate of the Investor.

 

9.                  
Unless earlier terminated pursuant to the terms hereof, this Agreement and the rights described herein shall terminate and be of
no further force or effect upon the earlier of: (a) such time as no shares of the Company’s stock are held by the Investor; (b)
the Listing Event; or (c) completion of a Change of Control Transaction; provided, however, that this Agreement and the rights described
herein shall not terminate solely as a result of the Common Stock ceasing to be listed on any Trading Market but, for the avoidance of
doubt, this Agreement and the rights described herein shall terminate if any other element of the definition of Change of Control Transaction
set forth in the Certificate of Designation (i.e., clause (a), (b) or (c) of such definition) occurs.

 

The parties acknowledge and
agree that this Agreement is a Transaction Document as such term is defined under the Purchase Agreement and the provisions of Section
7 of the Purchase Agreement are incorporated herein by reference and shall apply hereto mutatis mutandis.

 

[Signature Page Follows]

 

 

 

    	 	4	 

     

    

 

 

	Very truly yours,	Agreed and Accepted:
	 	 
	CRW CAPITAL CANN HOLDINGS, LLC	MEDICINE MAN
TECHNOLOGIES, INC.
	 	 
	 	 
	By /s/Jeff Cozad                                    	By: /s/Justin Dye                                    
	Name:Jeff Cozad	Name: Justin Dye
	Title: Managing Member of GP	Title:
CEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	5Exhibit 10.10

 

SEVERANCE AGREEMENT AND RELEASE

 

This Full and Final General
Release (referred to herein as “Agreement”) dated October 23, 2020 (“Effective Date”) is made and entered into
by LEONARDO RIERA (“Consultant”) and MEDICINE MAN TECHNOLOGIES, INC. (MMT) DBA SCHWAZZE, a corporation duly
organized under the laws of the state of Nevada and having its principal place of business at 4880 Havana Street, Suite 201 South, Denver,
Colorado 80239 (hereinafter referred to as the “Contractor” “MMT” “Schwazze” or “the Company”).
The parties to this Agreement are referred to collectively herein as the “Parties” or individually as a “Party”
to this Agreement.

 

RECITALS

 

WHEREAS Consultant has
been contracted by the Company since February 2020 and has served as consultant and Board Member of the Company since June of 2019;

 

WHEREAS Consultant and
the Company desire to mutually agree to terminate Consultant’s contractual relationship pursuant to Section 8(b) of Consultant’s
February 15, 2020 Agreement;

 

WHEREAS Consultant has
been a member of the Company’s Board of Directors (“Board”) since 2019;

 

WHEREAS Consultant and
the Company desire to mutually agree to terminate Consultant’s service on the Company’s Board of Directors;

 

WHEREAS the effective date (“Effective
Date”) of this Agreement will commence immediately upon the expiration of the seven-day revocation period described in Paragraph
18 below; and

 

AGREEMENT

 

NOW, THEREFORE, for and in
consideration of the premises, agreements, covenants and conditions contained herein, the adequacy and sufficiency of which are hereby
expressly acknowledged, Consultant agrees as follows:

 

		1.	SEPARATION AND ACCRUED WAGES

 

A.            Consultant’s
active contractual relationship with the Company ended on October 1, 2020 (“Separation Date”). The Company reimbursed Consultant
for all approved expenses made on behalf of the Company. Consultant agrees that upon receipt of his final payment , Consultant has received
all wages, bonus, and benefits owed to him by the Company. 

 

B.             Subject
to the approval of the board, having previously been negotiated and approved in good faith with the CEO and Chairman, Mr. Riera will receive
fifty thousand value in shares of common stock for his board service, which shall be delivered to Consultant within five days of board
approval. The Company requires that Mr. Riera continue his Board services on the special committee and on the Board up to January 31st.
2021, but could end his service sooner at the sole discretion of the Chairman. Mr. Riera will continue to exercise his fiduciary and loyalty
duties to the Company while remaining on the Board.

 

C.             Consultant
will execute a letter of resignation from his role on the Board, effective immediately but exercisable by the Company at its sole discretion.
A copy of Consultants’ resignation letter is herein attached as Exhibit A.

 

 

 

    	 	1	 

     

    

 

		2.	Payment AND TAX Liability

 

A.       In
consideration for the covenants undertaken and releases given herein by Consultant, and provided that Consultant executes and does not
revoke this Agreement, is not in breach or default of this Agreement, and has performed all of his obligations under this Agreement, the
Company agrees that it shall provide Consultant with the following:

 

(i) Severance Payment: One Hundred
and Fifty Thousand Dollars ($150,000.00), that will be payable in four payments: a lump sum of Fifty Thousand Dollars ($50,000.00) on
October 26, 2020, a lump sum of Fifty Thousand Dollars ($50,000.00) on November 16, 2020, a lump sum of Twenty Five Thousand Dollars ($25,000.00)
on November 30, 2020, and a lump sum of Twenty Five Thousand Dollars ($25,000.00) on December 15, 2020.

 

(ii) Interim cash payment and
assistance with moving expenses: The Company has agreed to advance Consultant three payments of $10,000.00 each to assist Consultant in
covering living expenses while consultant remains in Denver for the months of November 2020, December 2020 and January 2021. These payments
shall be made on November 20, December 20, and January 20, plus $10,500.00 for moving expenses back to Florida that shall be paid together
with the December 2020 payment.

 

(iii) Subject to approval by
the Board, having previously been negotiated and approved in good faith with the CEO and Chairman, the Company shall grant Consultant
the option to purchase three hundred and twenty-five thousand (325,000) shares of the Company’s common stock, which shall vest immediately
upon their issuance, subject to the terms and conditions set forth in a Stock Option Agreement and the Company’s 2017 Equity Incentive
Plan (hereafter collectively referred to as the “Stock Option Agreements”), which are set forth in Exhibit B and incorporated
by reference herein. The strike price shall be set at $1.17 which was the strike price on the Date of Separation.

 

B.             Consultant
shall be responsible for any and all tax liabilities resulting from the payments that are being provided by the Company to Consultant,
as outlined above.

 

This consideration is over
and above all payments due, and Consultant agrees that he is not otherwise entitled to receive a severance sum from the Company and that
the severance sum is above and in addition to all wages owed to him.  Consultant further agrees that the consideration set forth above
constitutes the entire consideration provided to her under this Agreement and that he shall not seek any further compensation or consideration
(including additional stock options) from the Releasees (defined below) for claimed damages, costs, or attorneys’ fees in connection
with any claim released here.

 

		3.	General Release 

 

A.            In
exchange for the payment described in Paragraph 2A and the other promises contained herein, Consultant and the Company hereby forever
release and discharge the other Party, its affiliates, owners, predecessors, successors, parents, subsidiaries, divisions, heirs, assigns,
executives, present and former representatives, present and former Consultants, consultants, agents, insurers and attorneys from any and
all claims, federal or state actions, appeals, demands, causes of action, liabilities, damages, interest, attorneys’ fees and expenses
whatsoever, whether in law or equity or otherwise, and whether known or unknown.

 

All of the released entities described above are
collectively referred to as the “Releasees.”

 

This release includes, but is
not limited to, all claims, demands, federal or state administrative actions, appeals, and causes of action arising out of or in any way
related to: (a) all federal, state, and local laws, including, without limitation, the following federal and state statutes, as amended,
and their corresponding regulations: the Americans with Disabilities Act Amendments Act of 2008 and any subsequent amendments, the Civil
Rights Act of 1991, the Civil Rights Acts of 1866 and 1871, 42 U.S.C. § 1981, 42 U.S.C. § 1983, Title VII of the Civil Rights
Act of 1964, the Age Discrimination in Employment Act of 1967 and any subsequent amendments, the Fair Labor Standards Act, the Consultant
Retirement Income Security Act, the Americans with Disabilities Act of 1990, the Equal Pay Act of 1963, the Family and Medical Leave Act
of 1993 and any subsequent amendments, the National Labor Relations Act, the Labor Management Relations Act, the Occupational Safety and
Health Act of 1970, the Older Workers Benefit Protection Act of 1990, the Rehabilitation Act of 1973t; and (b) any claim or action under
the common law of the State of Colorado including but not limited to, any claim for compensation, damages, tort, breach of express or
implied employment contract, breach of duty of good faith, discrimination, intentional interference with contractual relations, fraud,
misrepresentation, outrageous conduct, slander, libel, negligent and/or intentional infliction of emotional distress, violation of public
policy, negligent supervision, assault, battery, breach of contract, implied breach of good faith and fair dealing, promissory estoppel,
wrongful discharge, harassment, or retaliation, and for any other damages or injuries incurred on the job; and (c) any claim under the
constitution of the United States or the State of Colorado; in relation to Consultant’s employment or incurred as a result of loss
of employment. However, nothing in this Agreement including but not limited to the release of claims, proprietary information, confidentiality,
and non-disparagement provisions, prevent Consultant from filing a charge or complaint with or from participating in an investigation
or proceeding conducted by the EEOC, NLRB or any other any federal, state or local agency charged with the enforcement of any laws, or
from exercising Consultant’s rights under Section 7 of the NLRA to engage in joint activity with other Consultants, although by
signing this release Consultant is waiving rights to individual relief based on claims asserted in such a charge or complaint, except
where such a waiver of individual relief is prohibited.

 

 

 

    	 	2	 

     

    

 

B.             Released
Claims. The claims, charges, causes of actions, appeals, demands, losses, damages, attorneys’ fees, expenses, costs and
liabilities released in Paragraph 3A shall be referred to collectively herein as the “Released Claims.”

 

		4.	PROMISE NOT TO PROSECUTE

 

Consultant and the Company
further agree that they shall not, at any time hereafter, commence, maintain or prosecute any action, suit, proceeding, investigation,
complaint, claim, grievance or charge with any court, administrative agency, arbitrator or any other body or person, whether Federal,
State, contractual or otherwise, or aid or assist others in prosecuting such action, suit, proceeding, investigation, complaint, claim,
grievance or charge on their behalf, except in response to governmental agency or court inquiries or as compelled by legal process, against
the other, or any of them, based in whole or in part upon, or arising out of or in an way connected with, any of the claims released or
any of the matters referred to in this Agreement. Consultant and the Company further agree to indemnify each other and hold the other
Party harmless from and against any and all claims, demands, causes of action, damages or liability of any kind, including the cost of
defense and reasonable attorneys’ fees arising out of or in connection with, any action, suit, proceeding, investigation, complaint,
claim, grievance or charge commenced, maintained, or prosecuted by them contrary to the terms of this Agreement.

 

		5.	Release IncludeS Unknown Claims

 

A.          
The Parties understand and agree that the Released Claims are intended to and do include any and all claims of every nature and
kind whatsoever, whether known, unknown, suspected, or unsuspected.

 

B.           
The Parties further acknowledge that they may hereafter discover facts different from or in addition to those that they now know
or believe to be true with respect to the Released Claims and agree that, in such event, this Agreement shall nevertheless be and remain
effective in all respects, notwithstanding such different or additional facts, or the discovery thereof.

 

C.           
The Parties represent and acknowledge (i) that they have conducted whatever investigation was deemed necessary to ascertain all
facts and matters related to this Release; (ii) that they have had the opportunity to consult with and to receive advice from legal counsel
concerning this Release; and (iii) that they are not relying in any way on any statement or representation by the other party or that
party’s attorneys, except as expressly stated herein, in reaching his decision to enter into this Agreement.

 

		6.	No Assignment or Transfer of Released Claims

 

The Parties represent and
warrant that they have not assigned, transferred, or hypothecated, or purported to assign, transfer, or hypothecate, to any person, firm,
corporation, association, or entity whatsoever any of the Released Claims.

 

		7.	No Admission of Liability

 

Consultant and the Company
understand and agree that this Agreement is a release of any disputed claims and does not constitute an admission of liability on the
part of any of the Parties, as to any matters whatsoever and that the Parties intend by this Agreement to avoid further proceedings and
buy peace. The Parties specifically deny liability for any harm allegedly suffered by the other Party.

 

8.       RETURN
OF PROPERTY AND RECORDS 

 

Consultant agrees to return
all property belonging to the Company that Consultant has in his possession. Consultant understands that he is not entitled to keep or
preserve records of the Company. This prohibition does not include any relevant Consultant files or records of Consultant.

 

 

 

    	 	3	 

     

    

 

9.       Confidentiality

 

A.            Consultant
agrees he will keep this Agreement confidential, and that the Agreement and its terms and conditions, including the fact of Release and
the facts and circumstances underlying any potential claims, shall not be discussed with, or revealed to, any person other than Consultant’s
spouse, attorneys, accountants, or tax or financial advisors, except as otherwise required by law or by order of a court. Consultant agrees
that if he discusses or reveals the terms or conditions of the Release to or with any of the aforementioned persons or entities, he will
instruct those persons or entities that the terms and conditions of the Agreement are confidential, and that such persons or entities
shall be under the same confidentiality obligations as to Consultant and the Company. Consultant understands and agrees that confidentiality
is a material provision of this Agreement.

 

B.            Company
agrees it will keep this Agreement confidential, and that the Agreement and its terms and conditions, including the fact of Release and
the facts and circumstances underlying any potential claims, shall not be discussed with, or revealed to, any person other than Company’s
Board of Directors, attorneys, accountants, tax or financial advisors or those required for processing the payment described above in
Paragraph 2, except as otherwise required by law or by order of a court. Company agrees that if it discusses or reveals the terms or conditions
of the Release to or with any of the aforementioned persons or entities, it will instruct those persons or entities that the terms and
conditions of the Agreement are confidential, and that such persons or entities shall be under the same confidentiality obligations as
to Consultant and the Company. Company understands and agrees that confidentiality is a material provision of this Agreement.

 

10.           non-disparagement

 

A.            Consultant
and the Company agree not to make any statements to any third party that disparages the Company, Consultant, or other Releasees. Nothing
in the foregoing sentence, however, is intended to nor shall it be construed to prevent Consultant from making true statements to a third
party pursuant to a valid subpoena or under oath and penalty of perjury in a deposition or other court proceeding. Consultant and the
Company understand and agree that non-disparagement is a material provision of this Agreement.

 

11.           COOPERATION

 

Consultant and the Company
agree to cooperate with each other with respect to the prosecution and/or defense of legal claims which arose during Consultant’s
tenure as a Consultant of the Company, or which relate to events which occurred during Consultant’s tenure as a Consultant of the
Company or to which Consultant has any information. Such cooperation shall include, but is not limited to, making each other available
for interview by each other and/or its counsel, reviewing and/or identifying documents, giving testimony and/or testifying at trial, and
further that the Parties shall immediately notify the each other in writing if a Party to this Agreement is ever subpoenaed or otherwise
requested to testify in any matter involving the other Party..

 

12.           NON-COMPETE
AND NON-SOLICITATION

 

Consultant
acknowledges that the business and products of Company as embodied in Company’s Confidential Information are unique and of significant
importance to the commercial viability and continuity of Company, as well as providing Company with a significant competitive advantage
and as a result, Consultant agrees:

 

		A.	Non-Compete. Consultant covenants and agrees
that for one (1) year after the Effective Date of this Agreement that Consultant will not, directly or indirectly, anywhere in the states
in which Company operates or is contemplating operating, provide consulting services on behalf of any business that is competitive with
Company.
	 	 	 
	 	B.	Non-Solicitation
of Employees. Consultant covenants and agrees that for one (1) year after the Effective Date of this Agreement that Consultant shall
not, directly or indirectly, employ, solicit, recruit, or encourage for employment, or otherwise contract for or hire, the services of
any individual who is then an employee of the Company or who was an employee of the Company within the previous twelve (12) months of
the Effective Date.

 

 

 

    	 	4	 

     

    

 

	 	C.	NonSolicitation of Customers, Customer
Prospects and Vendors. Consultant covenants and agrees that for one (1) year after the Effective Date of this Agreement that Consultant
shall not, directly or indirectly, solicit any person or entity who paid or engaged the Company for services,
or who received the benefit of Company’s services, or with whom Consultant had any substantial dealing with. This Section also
applies to assisting any employer or other third party in the non-solicitation of customers, customer prospects and vendors. Consultant
shall not, directly or indirectly, disclose to any person, firm or corporation the names or addresses of any of the customers or clients
of the Company or any other information pertaining to them. Consultant shall not call on, solicit, take away, or attempt to call on or
solicit any customer of the Company with whom Consultant has personally knowledge of.

                                                          

                                                          

 

13.           parties
to bear their own costs

 

Consultant understands that
he and the Company will each bear their own costs, expenses, and attorneys’ fees, if any, in relation to this Agreement.

 

14.           REPRESENTATIONS

 

Each signatory hereto warrants
that s/he/it is legally competent and/or authorized to execute this Agreement and has not relied on any statements or explanations in
connection therewith. Moreover, each party hereby acknowledges that s/he/it has been afforded the opportunity to be advised by legal counsel
regarding the terms of this Agreement, including the release of all claims and waiver of rights.

 

15.           KNOWLEDGE,
CAPACITY, AND AUTHORITY 

 

Consultant represents and
warrants that he had the opportunity to have counsel explain the contents of this Agreement to him. Consultant represents that he understands
the contents of this Agreement and that he executed it knowingly and voluntarily and understands that after executing it he cannot proceed
against any Releasee on account of the matters referred to herein. Each party to this Agreement represents and warrants that s/he/it has
the authority and capacity to execute this Agreement.

 

16.           Modification

 

No provision of this Release
may be changed, altered, modified or waived except in writing signed by both Consultant and the Company or other Releasees, which writing
shall specifically reference this Release and the provision that the parties intend to waive or modify.

 

17.           NON-WAIVER

 

No provision of this Agreement
may be waived unless in writing and signed by all the parties to this Agreement. Waiver of any one provision shall not constitute waiver
of any other provision. A delay of failure by either party to exercise a right under this Agreement, or a partial or single exercise of
that right, shall not constitute a waiver of that or any other right herein.

 

18.           Severability

 

In the event any provision
of this Agreement should be held to be unenforceable, each and all of the other provisions of this Agreement shall remain in full force
and effect.

 

19.           WAIVER OF CLAIMS
UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT

 

The Severance Sum is intended
in part as consideration for Consultant’s release and waiver of any and all claims under the ADEA. Consultant should consult with
his attorneys about this release and waiver before executing this Agreement. Further, Consultant has twenty-one (21) calendar days from
her receipt of this Agreement to consider the release and waiver of any and all claims (including those arising under the ADEA), and,
for a period of seven (7) calendar days following execution of the Agreement by him, Consultant may revoke this release and waiver in
a writing received by counsel for the Company on or before the expiration of the seven (7) calendar day period. This Agreement shall not
become effective or enforceable until the seven (7) calendar day revocation period set forth herein has expired without Consultant having
exercised her right of revocation (defined herein as the “Effective Date”). Notice should be sent in writing to the following:
Daniel Pabon, Medicine Man Technologies, Inc. 4801 Havana Street, Suite 201, Denver, Colorado 80239.

 

 

 

    	 	5	 

     

    

 

20.           Applicable
Law

 

This Agreement shall be construed
and enforced according to the laws of the State of Colorado.

 

21.           Counterparts
Acceptable

 

This Agreement may be executed
in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same
instrument.

 

22.           ENTIRE
AGREEMENT

 

Consultant acknowledges that
this Release constitutes a full, final, and complete settlement of the parties’ differences and supersedes and replaces any and
all other written or oral exchanges, agreements, understandings, employment contracts, arrangements, or negotiations between or among
them relating to the subject matter hereof; and Consultant affirmatively represents that there are no other prior or contemporaneous exchanges,
agreements, representations, arrangements, or understandings, written or oral, between or among the parties relating to the subject matter
hereof other than that as set forth herein, and that this Release contains the sole and entire Release between them with respect to the
subject matter hereof. Consultant further acknowledges and agrees that any language proposed for, deleted from, or otherwise changed in
any drafts of this Release but not included herein shall not be considered in any way in the interpretation and application of this Release
and shall not in any way affect the rights and obligations of Consultant, the Company, or Releasees.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	6	 

     

    

 

PLEASE READ CAREFULLY.

THIS AGREEMENT INCLUDES
A RELEASE OF ALL CLAIMS KNOWN AND UNKNOWN.

 

 

I, Leonard Riera, ACKNOWLEDGE THAT I HAVE READ
THIS RELEASE, THAT I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING THIS RELEASE, AND THAT I UNDERSTAND ALL OF THIS AGREEMENT’S
TERMS AND EXECUTE THE AGREEMENT VOLUNTARILY WITH FULL KNOWLEDGE OF ITS SIGNIFICANCE AND CONSEQUENCES. CONSULTANT ACKNOWLEDGES THAT HE
HAD SEVEN DAYS TO DECIDE IF HE WANT TO SIGN THIS AGREEMENT.

 

IN WITNESS WHEREOF, the
Parties have executed this Agreement have set their hands the day and year set forth below their respective signatures.

 

 

 

 

	/s/ Leonardo Riera                           	 
	Date: 10/23/2020                                                 	 
	 	 
	 	 
	Medicine Man Technologies,
Inc. dba Schwazze	 
	 	 
	 	 
	/s/ Justin Dye                                                      	 
	By: Justin Dye                                  	Date: 10/23/2020
	Title: CEO	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	7	 

     

    

 

Exhibit A

 

________________, 2020

 

Executive Chairman and CEO Justin Dye

Directors of Medicine Man Technologies, Inc. dba Schwazze

4880 Havana Street Ste 201

Denver, CO 80239

 

Re:           Resignation of Membership on Medicine Man Technologies, Inc.
dba Schwazze Board of Directors

 

Dear Mr. Dye:

 

Please let this letter serve as notice that for personal reasons I
have decided to resign as a Member of the Board of Directors of Medicine Man Technologies, Inc dba Schwazze. My resignation shall be effective
at any time between the current date and no later than January 31, 2021, at the discretion of the Chairman of the Board. Until such time
that my resignation to the Board becomes effective by means of written notification by the Chairman, I will continue to serve, at his
request, as Director and as member of the Special Committee that is evaluating financing options in the form of preferred shares.

 

I have greatly enjoyed my time in Denver and as member of the Board
of Schwazze. I am proud of the work we have done, and wish Schwazze all the best in the future.

 

Sincerely,

 

 

 

Leonardo Riera

 

 

 

Accepted
on _____________________________.

 

 

 

 

_______________________________________

Medicine
Man Technologies, Inc. dba Schwazze

 

 

 

 

 

 

 

 

 

    	 	8	 

     

    

 

Exhibit
B

Stock Option
Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]