Document:

Exhibit
10.5

 

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 AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

BROAD
CAPITAL ACQUISITION CORP, a Delaware corporation and blank check company located at 5345 Annabel Lane, Plano, TX 75093 (the “Maker”),
promises to pay to the order of BROAD CAPITAL LLC or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of the United States of America (the “Borrowing
Limit”), 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 principal balance of this Note shall be payable by the Maker on the earlier of: (i) September 30, 2021, or (ii) the
date on which Maker consummates an Initial Public Offering of its securities. The principal balance may be prepaid at any time. 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. As used herein, “Initial Public Offering” or
“IPO” shall mean the closing of the issuance and sale of shares of Common Stock of the Maker in the Maker’s
first underwritten public offering pursuant to an effective registration statement under the Securities Act.

 

2.
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.
Drawdown Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably
related to Maker’s Initial Public Offering of its securities. The principal of this Note may be drawn down from time to time prior
to the earlier of: (i) September 30, 2021, or (ii) the date on which Maker consummates an Initial Public Offering of its securities,
upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount
to be drawn down, and must not be for an amount less than Five Thousand Dollars ($5,000) unless agreed upon by Maker and Payee. Payee
shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the
maximum amount of drawdowns collectively under this Note is the Borrowing Limit. Once an amount is drawn down under this Note, it shall
not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection
with, or as a result of, any Drawdown Request by Maker.

 

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4.
Application of Payments. 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, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

5.
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)
Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b)
Voluntary Bankruptcy, Etc. 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.

 

(c)
Involuntary Bankruptcy, Etc. 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.

 

6.
Remedies.

 

(a)
Under Section 5(a). Upon the occurrence of an Event of Default specified in Section 5(a) 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)
Under Section 5(b). Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), 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.

 

7.
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.

 

    	2

     

    

 

8.
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.

 

9.
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.

 

10.
Construction. This note shall be construed and enforced in accordance with the laws of Delaware, without regard to conflict of law
provisions thereof.

 

11.
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.

 

12.
Trust Waiver. Notwithstanding anything herein to the contrary, 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 to be established in which the proceeds
of the Initial Public Offering to be conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds
of the sale of the units to be issued in a private placement to occur prior to the closing of the IPO are to be deposited, as
described in greater detail in the registration statement and prospectus to be 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.

 

13.
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.

 

14.
Assignment. 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.

 

[Signature
page follows]

 

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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.

 

	 	BROAD
    CAPITAL ACQUISITION CORP
	 	 	 
	 	By:	 
	 	Name:	Johann
    Tse
	 	Title:	Chief
    Executive Officer
	 	Date:
    	April
    16, 2021

 

    	4Exhibit
10.3

 

_________,
2021

 

Broad
Capital Acquisition Corp

5345
Annabel Lane

Plano,
Texas 75093

 

Ladies
and Gentlemen:

 

Broad
Capital Acquisition Corp (the “Company”), a blank check company formed for the purpose of acquiring one or more businesses
or entities (a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities
Act”), in connection with its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (“Registration
Statement”).

 

The
undersigned hereby commits that it will purchase 446,358 units of the Company (“Placement Units”), each Placement Unit consisting
of one share of common stock of the Company, par value $0.000001 per share (the “Common Stock”), and one right (each, a “Right”),
with each Right entitling its holder to receive one-tenth (1/10) of a share of Common Stock upon consummation of our initial business
combination, subject to adjustment as described in the prospectus purchase, for a purchase price of $4,463,580 (the “Placement
Unit Purchase Price”).

 

The
undersigned hereby agrees that it will purchase an additional amount of units of the Company (“Over-Allotment Units”), up
to a maximum of 45,000 Over-Allotment Units, or a maximum of 491,358 Placement Units for a purchase price of $4,913,580 (“Over-Allotment
Unit Purchase Price”, together with the Placement Unit Purchase Price, the “Purchase Price”), in the event Chardan
Capital Markets LLC (“Chardan”) exercises its over-allotment option, such that the amount held in the trust account
(as described in the Registration Statement) does not fall below $10.00 per unit sold by the Company in the IPO.

 

At
least twenty-four (24) hours prior to the effective date of the Registration Statement, the undersigned will cause the Placement Unit
Purchase Price to be delivered to Rimon P.C., counsel for the Company, by wire transfer as set forth in the instructions attached as
Exhibit A to hold in a non-interest bearing account until the Company consummates the IPO.

 

The
consummation of the purchase and issuance of the Placement Units shall occur simultaneously with the consummation of the IPO and the
consummation of the purchase and issuance of the Over-Allotment Units shall occur simultaneously with the closing of any exercise of
the over-allotment option related to the IPO. Simultaneously with the consummation of the IPO, Rimon P.C. shall deposit the Placement
Unit Purchase Price, without interest or deduction, into the trust fund (“Trust Fund”) established by the Company for the
benefit of the Company’s public shareholders as described in the Registration Statement. If the Company does not complete the IPO
within ten (10) days from the date of this letter, the Placement Unit Purchase Price (without interest or deduction) will be returned
to the undersigned.

 

Each
of the Company, and the undersigned acknowledges and agrees that Rimon P.C. is serving hereunder solely as a convenience to the parties
to facilitate the purchase of the Placement Units and Rimon P.C.’s sole obligation under this letter agreement is to act with respect
to holding and disbursing the Placement Unit Purchase Price as described above. Rimon P.C. shall not be liable to the Company, Chardan
or the undersigned or any other person or entity in respect of any act or failure to act hereunder or otherwise in connection with
performing its services hereunder unless Rimon P.C. has acted in a manner constituting gross negligence or willful misconduct. The Company
and the undersigned shall indemnify Rimon P.C. against any claim made against it (including reasonable attorney’s fees) by reason
of it acting or failing to act in connection with this letter agreement except as a result of its gross negligence or willful misconduct.
Rimon P.C. may rely and shall be protected in acting or refraining from acting upon any written notice, instruction or request furnished
to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

    	1

    	 

    

 

The
Placement Units and Over-Allotment Units will be identical to the units to be sold by the Company in the IPO. Additionally, the undersigned
agrees:

 

	 	●	to
    vote the shares of Common Stock included in the Placement Units and Over-Allotment Units in favor of any proposed Business Combination;
	 	 	 
	 	●	not
    to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation that would
    affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s shares of Common Stock sold
    in the IPO if the Company does not complete an initial Business Combination within 12 months from the closing of the IPO (or up to
    18 months from the closing of the IPO if the Company extends the period of time to consummate an initial Business Combination as
    described in more detail in the prospectus included in the Registration Statement), unless the Company provides the holders of shares
    of Common Stock sold in the IPO with the opportunity to redeem their shares of Common Stock upon approval of any such amendment at
    a per-share price, payable in cash, equal to the aggregate amount of the Trust Fund, including interest earned on Trust Fund and
    not previously released to the Company to pay the Company’s franchise and income taxes, divided by the number of then outstanding
    shares of Common Stock sold in the IPO;
	 	 	 
	 	●	not
    to convert any shares of A Common Stock included in the Placement Units and Over-Allotment Units into the right to receive cash from
    the Trust Fund in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions of
    the Company’s Amended and Restated Certificate of Incorporation, and not to tender the Placement Units and Over-Allotment Units
    in connection with a tender offer conducted prior to the closing of a Business Combination;
	 	 	 
	 	●	the
    undersigned will not participate in any liquidation distribution with respect to the Placement Units and Over-Allotment Units (but
    will participate in liquidation distributions with respect to any units or shares of Common Stock purchased by the undersigned in
    the IPO or in the open market) if the Company fails to consummate a Business Combination;
	 	 	 
	 	●	that
    the Placement Units, Over-Allotment Units and underlying securities will not be transferable until after the consummation of a Business
    Combination except (i) to the Company’s pre-IPO shareholders, or to the Company’s officers, directors, advisors and employees,
    (ii) transfers to the undersigned’s affiliates or its members upon its liquidation, (iii) to relatives and trusts for estate
    planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations
    order, (vi) by private placement made in connection with the consummation of a Business Combination at prices no greater than the
    price at which the Placement Units were originally purchased or (vii) to the Company for cancellation in connection with the consummation
    of a Business Combination, in each case (except for clause vii) where the transferee agrees to the terms of the transfer restrictions;
    and
	 	 	 
	 	●	the
    Placement Units and Over-Allotment Units will include any additional terms or restrictions as is customary in other similarly structured
    blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each
    of which will be set forth in the Registration Statement

 

The
undersigned acknowledges and agrees that the purchaser of the Placement Units and Over-Allotment Units will execute agreements in form
and substance typical for transactions of this nature necessary to effectuate the foregoing agreements and obligations prior to the consummation
of the IPO as are reasonably acceptable to the undersigned, including but not limited to an insider letter.

 

The
undersigned hereby represents and warrants that:

 

	 	(a)	it
    has been advised that the Placement Units and Over-Allotment Units have not been registered under the Securities Act;
	 	 	 
	 	(b)	it
    will be acquiring the Placement Units and Over-Allotment Units for its account for investment purposes only;

 

    	2

    	 

    

 

	 	(c)	it
    has no present intention of selling or otherwise disposing of the Placement Units and Over-Allotment Units in violation of the securities
    laws of the United States;
	 	 	 
	 	(d)	it
    is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended;
	 	 	 
	 	(e)	it
    has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons
    acting on its behalf concerning the terms and conditions of the offer made hereunder;
	 	 	 
	 	(f)	it
    is familiar with the proposed business, management, financial condition and affairs of the Company;
	 	 	 
	 	(g)	it
    has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to
    consummate the transactions contemplated in this letter; and
	 	 	 
	 	(h)	this
    letter constitutes its legal, valid and binding obligation, and is enforceable against it.

 

This
letter agreement constitutes the entire agreement between the undersigned and the Company with respect to the purchase of the Placement
Units and Over-Allotment Units, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties,
both written and oral, with respect to the same.

 

	 	Very
    truly yours,
	 	 
	 	BROAD
    CAPITAL, LLC
	 	 	 
	 	By:
    	 
	 	Name:
    	 
	 	Title:	Manager

 

	Accepted
    and Agreed: 	 
	 	 
	BROAD
    CAPITAL ACQUISITION CORP 	 
	 	 	 
	By:	 	 
	Name:
    	 	 
	Title:	Chief
    Executive Officer 	 

 

    	3

    	 

    

 

Exhibit
A

 

Broad
Capital Acquisition Corp

 

Wire
Instructions

 

Bank
Name:

Bank
Address:

Account
Name:

Account
Number:

Routing/ABA
Number:

Reference:
Broad Capital LLC

 

    	4

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