# EDGAR Filing Document

**Accession Number:** 0001856995
**File Stem:** 0001104659-23-011648
**Filing Date:** 2023-2
**Character Count:** 34053
**Document Hash:** 0d6e3d7b9e64040013eed4d45283208b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-011648.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001104659-23-011648

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230206

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mountain & Co. I Acquisition Corp.
- **CENTRAL INDEX KEY:** 0001856995
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41021
- **FILM NUMBER:** 23594181

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 309, UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** 41 79 555 00 66

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 309, UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104

?xml version="1.0" encoding="utf-8"?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported):

**February 6, 2023**

**MOUNTAIN & CO. I ACQUISITION CORP.**

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-41021** | **N/A** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

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| | |
|:---|:---|
| **4001 Kennett Pike, Suite 302**<br> **Wilmington, Delaware 19807** | **19807** |
| (Address of Principal Executive Offices) | (Zip Code) |

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| |
|:---|
| **+1 302 273 0765** |
| Registrant's telephone number, including area code: |

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| |
|:---|
| **Not Applicable** |
| (Former name or former address, if changed since last report) |

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| |
|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
| ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **Title of each class** | &nbsp;&nbsp;**Trading <br> Symbol(s)** | **Name of each exchange<br> on which registered** |
| **Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant** | **MCAAU** | **The Nasdaq Stock Market LLC** |
| **Class A ordinary share, par value $0.0001 per share** | **MCAA** | **The Nasdaq Stock Market LLC** |
| **Redeemable warrant, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50** | **MCAAW** | **The Nasdaq Stock Market LLC** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⌧ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

**Item 1.01 Entry into a Material Definitive Agreement**

On February 6, 2023, upon the shareholders' approval of the Trust Amendment Proposal (as defined below), Mountain & Co. I Acquisition Corp. (the "Company"), entered into an amendment (the "Trust Agreement Amendment") to the Investment Management Trust Agreement, dated November 4, 2021 (the "Trust Agreement"), by and between the Company and Continental Stock Transfer & Trust Company, as trustee, to allow the extension of the date by which the Company must consummate its initial business combination from February 9, 2023 to November 9, 2023 (the "Extension").

The foregoing description is qualified in its entirety by reference to the Trust Agreement Amendment, a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by reference.

On February 6, 2023, the Company issued a promissory note (the "Note") in the principal amount of up to $3,780,000 to Mountain & Co. I Sponsor LLC (the "Sponsor"), in connection with the Extension. The Sponsor will initially pay $420,000 of such funds to the Company's trust account (the "Trust Account") on or before February 9, 2023, and thereafter the same amount for each subsequent calendar month, or portion thereof, commencing on March 9, 2023 until November 9, 2023, that is needed to complete an initial business combination.

The Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company's initial business combination, or (b) the date of the liquidation of the Company.

Any amendments to the Note and the loan may be made with the written consent of the Sponsor and the Company.

The foregoing description is qualified in its entirety by reference to the Note, a copy of which is attached as Exhibit 10.2 hereto and is incorporated herein by reference.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-balance Sheet Arrangement of a Registrant**

The disclosure contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.

**Item 5.03** **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year**

On February 7, 2023, the Company filed an amendment (the "Extension Amendment") to the Company's Amended and Restated Memorandum and Articles of Association (the "Amended and Restated Articles") with the Registrar of Companies in the Cayman Islands. The Extension Amendment extends the date by which the Company must consummate its initial business combination from February 9, 2023 to November 9, 2023.

The foregoing description is qualified in its entirety by reference to the Extension Amendment, a copy of which is attached as Exhibit 3.1 hereto and is incorporated herein by reference.

**Item 5.07 Submission of Matters to a Vote of Security Holders**

On February 6, 2023, the Company held an extraordinary general meeting of shareholders (the "Shareholder Meeting"). At the close of business on the record date of the Shareholder Meeting, each Class A ordinary share and Class B ordinary share outstanding (collectively, the "Ordinary Shares") was entitled to one vote with respect to the proposal (i) to amend the Company's Amended and Restated Memorandum and Articles of Association to extend the date by which the Company has to consummate a business combination from February 9, 2023 to November 9, 2023 (the "Extension Amendment Proposal") and (ii) to amend the Trust Agreement to allow the Extension (the "Trust Agreement Amendment Proposal"). Both proposals are described in more detail in the Company's definitive proxy statement, which was filed with the Securities and Exchange Commission on January 19, 2023. A summary of the voting results at the Shareholder Meeting is set forth below.

Each of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal was approved by the Company's shareholder as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For** | **Against** | **Abstain** |
| Extension Amendment Proposal | 17393794 | 1042231 | 0 |
| Trust Agreement Amendment Proposal | 17393794 | 1042231 | 0 |

---

Shareholders holding 10,784,962 Class A ordinary shares (after giving effect to withdrawals of redemptions) exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $113.0 million (approximately $10.48 per share) will be removed from the Trust Account to pay such redeeming holders, and approximately $128.0 million will remain in the Trust Account.

**Item 9.01. Financial Statements and Exhibits.**

(d)Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibits** |
| [3.1](tm235533d1_ex3-1.htm) | [Amendment to the Amended and Restated Memorandum and Articles of Association of the Company.](tm235533d1_ex3-1.htm) |
| [10.1](tm235533d1_ex10-1.htm) | [Amendment to Investment Management Trust Agreement, dated November 4, 2021.](tm235533d1_ex10-1.htm) |
| [10.2](tm235533d1_ex10-2.htm) | [Promissory Note issued to the Sponsor.](tm235533d1_ex10-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  | MOUNTAIN & CO. I ACQUISITION CORP. | MOUNTAIN & CO. I ACQUISITION CORP. | MOUNTAIN & CO. I ACQUISITION CORP. |
| Date: February 7, 2023 | By: | /s/ Dr. Cornelius Boersch | /s/ Dr. Cornelius Boersch |
|  |  | Name: | Dr. Cornelius Boersch |
|  |  | Title: | Chief Executive Officer |

---

## Exhibit 3.1

**Exhibit 3.1**

**EXTENSION AMENDMENT<br> AMENDED AND RESTATED MEMORANDUM AND ARTICLES<br> OF ASSOCIATION<br> OF<br> MOUNTAIN & CO. I ACQUISITION CORP.**

RESOLVED, as a special resolution, that the Amended and Restated Memorandum and Articles of Association of the Company currently in effect be amended as follows:

1.1 Article 49.8 of the Company's Amended and Restated Memorandum and Articles of Association be
deleted in its entirety and replaced with the following new Article 49.8:

"In the event that the Company does not consummate a Business Combination upon the date which is the later of (i) November 9 2023, and (ii) such later date as may be approved by the Members in accordance with the Articles (in any case, such date being referred to as the "Termination Date"), the Company shall (a) cease all operations except for the purpose of winding up; (b) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish public Members' rights as Members (including the right to receive further liquidation distributions, if any); and (c) as promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining Members and the Directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and to requirements of other Applicable Law."

1.2 Article 49.9(a) of the Company's Amended and Restated Memorandum and Articles of Association
be deleted in its entirety and replaced with the following new Article 49.9(a):

"to modify the substance or timing of the Company's obligation to allow redemption in connection with a Business Combination or redeem 100 per cent of the Public Shares if the Company does not consummate a Business Combination by November 9, 2023, or such later time as the Members may approve in accordance with the Articles; or"

1.3 Article 49.11(b) of the Company's Amended and Restated Memorandum and Articles of Association
be deleted in its entirety and replaced with the following new Article 49.11(b):

"vote as a class with Public Shares on a Business Combination or on any other proposal presented to Members prior to or in connection with the consummation of a Business Combination or to approve an amendment to the Memorandum or Articles to (i) extend the time the Company has to consummate a Business Combination beyond November 9, 2023 or (ii) amend the foregoing provisions of this Article."

## Exhibit 10.1

**Exhibit 10.1**

**AMENDMENT**

**TO THE**

**INVESTMENT MANAGEMENT TRUST AGREEMENT**

This Amendment No. 1 (this "<u>Amendment</u>"), dated as of February 6, 2023, to the Investment Management Trust Agreement (as defined below) is made by and between Mountain & Co. I Acquisition Corp. (the "<u>Company</u>") and Continental Stock Transfer & Trust Company, as trustee ("<u>Trustee</u>"). All terms used but not defined herein shall have the meanings assigned to them in the Trust Agreement.

WHEREAS, the Company and the Trustee entered into an Investment Management Trust Agreement dated as of November 4, 2021 (the "<u>Trust Agreement</u>");

WHEREAS, Section 1(i) of the Trust Agreement sets forth the terms that govern the liquidation of the Trust Account under the circumstances described therein;

WHEREAS, at an Extraordinary General Meeting of the Company held on February 6, 2023 (the "<u>Extraordinary General Meeting</u>"), the Company's shareholders approved (i) a proposal to amend, by way of special resolution, the Company's Amended and Restated Memorandum and Articles of Association to extend the date (the "<u>Termination Date</u>") by which the Company has to consummate a business combination (the "<u>Articles Extension</u>") from February 9, 2023 (the "<u>Original Termination Date</u>") to November 9, 2023 (the "<u>Articles Extension Date</u>"); and (ii) a proposal to amend the Trust Agreement to allow the Articles Extension; and

NOW THEREFORE, IT IS AGREED:

1. Section 1(i) of the Trust Agreement is hereby amended and restated in its entirety as follows:

"(i) Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter ("***Termination Letter***"), in a form substantially similar to that attached hereto as either <u>Exhibit A</u> or <u>Exhibit B</u>, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors (the "***Board***") or other authorized officer of the Company, and, in the case of <u>Exhibit A</u>, acknowledged and agreed to by the Underwriter, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and, in the case of <u>Exhibit B</u>, less up to $100,000 of interest income to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination Letter has not been received by the Trustee by the later of (i) November 9, 2023, and (ii) such later date as may be approved by the Members in accordance with the Articles (in any case, such date being referred to as the "***Last Date***"), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as <u>Exhibit B</u> hereto and the Property in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest income to pay dissolution expenses) shall be distributed to the Public Shareholders of record as of the Last Date; provided, however, that in the event the Trustee receives a Termination Letter in the form substantially similar to <u>Exhibit B</u> hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter by the Last Date, the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Shareholders."

2. Section 1(l) of the Trust Agreement is hereby amended and restated in its entirety as follows:

"(l) [reserved]; and"

3. Exhibit E of the Trust Agreement is hereby deleted.

4. All other provisions of the Trust Agreement shall remain unaffected by the terms hereof.

5. This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be deemed to be one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile signature or electronic signature shall be deemed to be an original signature for purposes of this Amendment.

6. This Amendment is intended to be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section 6(c) of the Trust Agreement, and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement is hereby ratified, intentionally waived and relinquished by all parties hereto.

7. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.

*[signature page follows]*

IN WITNESS WHEREOF, the parties have duly executed this Amendment to the Investment Management Trust Agreement as of the date first written above.

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| |
|:---|
| CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee |
| /s/ Francis Wolf |
| Name: Francis Wolf |
| Title: Vice President |

---

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| |
|:---|
| MOUNTAIN & CO. I ACQUISITION CORP. |
| /s/ Dr. Cornelius Boersch |
| Name: Dr. Cornelius Boersch |
| Title: Chief Executive Officer |

---

[*Signature Page to Amendment to the Investment Management Trust Agreement*]

## Exhibit 10.2

**Exhibit 10.2**

THIS PROMISSORY NOTE ("**NOTE**") HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR, AT MAKER'S REQUEST, AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.

**PROMISSORY NOTE**

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| | |
|:---|:---|
| Principal Amount: Up to $3,780,000 | Dated as of February 6, 2023 |

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Mountain & Co. I Acquisition Corp., a Cayman Islands exempted company (the "**Maker**"), promises to pay to the order of Mountain & Co. I Sponsor LLC, a Cayman Islands limited liability company, or its registered assigns or successors in interest (the "**Payee**"), or order, the principal sum of up to $3,780,000 or such lesser amount as shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

**1. Principal**. The entire unpaid principal balance of this Note shall be payable by the Maker on the earlier of (such date, the "**Maturity Date**"), subject to <u>Section 14</u> below, (a) the date on which Maker consummates its initial business combination and (b) the date of the liquidation of Maker. The principal balance may be prepaid at any time, at the election of Maker. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

**2. Balance**. The principal of this Note may be increased from time to time prior to the Maturity Date upon payments from time to time by Payee, in the form of non-interest bearing, unsecured loans to Maker, for deposit into Maker's trust account (the "**Trust Account**") established in connection with Maker's initial public offering (the "**IPO**"); provided, however, that the maximum principal balance collectively under this Note may not exceed $3,780,000.

**3. Interest**. No interest shall accrue on the unpaid principal balance of this Note.

**4. Application of Payments**. Notwithstanding <u>Section 2</u> above, all payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney's fees, and then to the reduction of the unpaid principal balance of this Note.

**5. Use of Proceeds**. The Maker hereby represents, warrants and covenants to the Payee, that the entire principal amount will be used by the Maker solely for deposit into the Trust Account.

**6. Events of Default**. The following shall constitute an event of default ("**Event of Default**"):

(a) <u>Failure to Make Required Payments</u>. Failure by Maker to pay any principal amount due pursuant to this Note within five (5) business days of the Maturity Date.

(b) <u>Breach of Use of Proceeds</u>. Failure by Maker to comply with the provisions of <u>Section 5</u> of this Note.

(c) <u>Voluntary Bankruptcy, Etc.</u> The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

(d) <u>Involuntary Bankruptcy, Etc.</u> The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

**7. Remedies**.

(a) Upon the occurrence of an Event of Default specified in <u>Section 6(a)</u> or <u>Section 6(b)</u> hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

(b) Upon the occurrence of an Event of Default specified in <u>Sections 6(c)</u> or <u>Section 6(d)</u>, the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

**8. Enforcement Costs**. In case any principal of this Note is not paid when due, Maker shall be liable for all costs of enforcement and collection of this Note incurred by the Payee and any other Holders (as defined below), including but not limited to reasonable attorneys' fees and expenses.

**9. Waivers**. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

**10. Unconditional Liability**. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker's liability hereunder. Any failure of the Payee to exercise any right hereunder shall not be construed as a waiver of the right to exercise the same or any other right at any time and from time to time thereafter. The Payee may accept late payments, or partial payments, even though marked "payment in full" or containing words of similar import or other conditions, without waiving any of its rights.

**11. Notices**. All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

**12. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.**

**13. Severability**. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

**14. Trust Waiver**. Notwithstanding anything herein to the contrary, but subject to the following sentence of this <u>Section 14</u>, the Payee hereby waives any and all right, title, interest or claim of any kind ("**Claim**") in or to any distribution of or from the Trust Account conducted by the Maker (including the deferred underwriters' discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement that occurred immediately prior to the closing of the IPO were deposited, as described in greater detail in Maker's Registration Statement on Form S-1 (333-259034) filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. Notwithstanding the foregoing, the Payee does not waive any Claims and does not waive its rights to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for distributions of remaining funds released to the Maker from the Trust Account following redemptions or other distributions to the Maker's public shareholders.

**15. Amendment; Waiver**. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

**16. Assignment**. This Note binds and is for the benefit of the successors and permitted assigns of the Maker and the Payee. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void; provided, that upon the announcement of an initial business combination of Maker, or occurrence and during the continuation of an Event of Default, Payee shall have the right to assign this Note in its discretion without the consent of Maker.

**17. Conversion**.

(a) Notwithstanding anything contained in this Note to the contrary, at Payee's option, but not the obligation, at any time prior to payment in full of the principal balance of this Note, the Payee may elect to convert the unpaid principal balance of this Note or a portion thereof into that number of warrants, each whole warrant exercisable for one share of Class A ordinary shares, $0.0001 par value per share, of the Maker (the "**Conversion Warrants**"), equal to the principal amount of the Note so converted divided by $1.00 (rounded down to the nearest whole share). The Conversion Warrants shall be identical to the warrants issued by Maker to Payee in a private placement that took place immediately prior to the closing of the IPO. The Conversion Warrants and their underlying securities, and any other equity security of Maker issued or issuable with respect to the foregoing by way of a share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, shall be entitled to the registration rights set forth in <u>Section 18</u> hereof.

(b) Upon any complete or partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such converted portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other address which Maker shall designate against delivery of the Conversion Warrants, (iii) Maker shall promptly deliver a new duly executed Note to Payee in the principal amount that remains outstanding, if any, after any such conversion and (iv) in exchange for all or any portion of the surrendered Note, Maker shall, at the direction of Payee, deliver to Payee (or its members or their respective affiliates or their designees) (Payee or such other persons, the "**Holders**") the Conversion Warrants, which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and Payee and applicable state and federal securities laws.

(c) The Holders shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon conversion of this Note pursuant hereto.

(d) The Conversion Warrants shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions of law.

**18. Registration Rights**.

(a) Reference is made to that certain Registration Rights Agreement between Maker and the parties thereto, dated as of November 4, 2021 (the "**Registration Rights Agreement**"). All capitalized terms used in this <u>Section 18</u> but not defined herein shall have the same meanings ascribed to them in the Registration Rights Agreement.

(b) The Holders shall be entitled to one Demand Registration, which shall be subject to the same provisions as set forth in <u>Section 2.1</u> of the Registration Rights Agreement.

(c) The Holders shall also be entitled to include the Conversion Warrants and their underlying securities in Piggyback Registrations, which shall be subject to the same provisions as set forth in <u>Section 2.2</u> of the Registration Rights Agreement; provided, however, that in the event that an underwriter advises Maker that the Maximum Number of Securities has been exceeded with respect to a Piggyback Registration, the Holders shall not have any priority for inclusion in such Piggyback Registration.

(d) Except as set forth above, the Holders and Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the Registration Rights Agreement.

[*Signature page follows*]

**IN WITNESS WHEREOF**, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

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| | |
|:---|:---|
| **Mountain & Co. I Acquisition Corp.** | **Mountain & Co. I Acquisition Corp.** |
| By: | /s/ Alexander Hornung |
|  | Name: Alexander Hornung |
|  | Title: Chief Financial Officer |

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[*Signature Page to Promissory Note*]