Document:

EX-10.4

 Exhibit 10.4 

ENGAGEMENT OF CONSULTANT 
 This
Agreement dated as of October 12, 2022 (the “Effective Date”), between BigBear.ai LLC with its principal place of business located at 6811 Benjamin Franklin Drive Columbia 21046 (the “Client”) and
Dr. Louis R. Brothers an individual residing at 2609 Amanda Court, Vienna, Virginia 22180, (“Consultant”) sets forth the terms and conditions under which Consultant will provide services to Client. 

NOW IT IS HEREBY AGREED as follows: 
  

	1.	 SERVICES 

  

	1.1	 Consultant will provide certain services (the “Services”) to Client for specific
projects that are mutually agreed upon from time to time including but not limited to serving as the Chairman of an advisory board for Client. 

  

	2.	 PAYMENT 

  

	2.1	 In consideration of the Services Client shall pay the Consultant a fee of $75,000 (US) paid in
quarterly instalments of $18,750 (US) by way of credit transfer to the Consultant’s bank account or via other means as the Consultant and Client may agree. 

 

	3.	 EMPLOYEES 

  

	3.1	 The Consultant shall not be or deemed to be an employee of Client and the Consultant
shall be solely responsible for all taxation and all national insurance and other contributions and deductions required by law to be paid by or reported to the appropriate authority by the Consultant. 

 

	3.2	 The Consultant will be responsible for all payment of income tax in accordance with the relevant tax
regulations and the Consultant will indemnify Client against all claims, demands or actions which may be made against Client in respect of such income tax. The Consultant will be responsible for all reporting requirements
required by the relevant tax legislation. 

  

	4.	 CONFIDENTIAL INFORMATION 

 

	4.1	 No unauthorised announcement or disclosure of the Consultant involvement in the Services will be
made or permitted by the Consultant or on its behalf without the prior written consent of Client. 

  

	4.2	 The Consultant acknowledges that prior to or during the course of performing the Services whether
before or after the signing of this Agreement certain business, financial and operational information and certain data of a secret and proprietary nature (all such information and data being referred to as “Confidential
Information”) may be or may have been disclosed to the Consultant by Client or otherwise come to the attention of the Consultant. The Consultant agrees that such Confidential Information will be held in
complete confidence and without Client prior written consent will not be disclosed in whole or in part at any time to any other persons nor used for any purpose other than the performance of the Services. 

 

	4.3	 This undertaking does not apply to Confidential Information 

 

	 	(i)	 which at the time of disclosure to the Consultant is in the public domain; 

 

	 	(ii)	 which after such disclosure becomes generally available to third parties by publication or otherwise through no
fault of the Consultant; 

	 	(iii)	 which becomes rightfully known to the Consultant without confidential or proprietary restriction from a
source other than Client; 

  

	 	(iv)	 which the Consultant is able to prove was lawfully in the possession of the Consultant prior to
such disclosure and which was not acquired directly or indirectly from Client or any of its subsidiaries. 

  

	4.4	 The Consultant agrees that it will only disclose Confidential Information to its employees and
the employees and agents of Client on a need to know basis. 

  

	4.5	 The Consultant agrees that no right or licence is granted to it in relation to Confidential
Information except as expressly set forth in this Agreement and agrees to return to Client upon demand all Confidential Information in documentary or other tangible form entrusted to it in the course of this Agreement and agrees
that it will not copy, reproduce or distribute in whole or in part any such Confidential Information without Client prior written consent save insofar as may be necessary to perform the Services. 

 

	4.6	 The obligations under this Clause 5 shall be binding on the Consultant for the duration of this
Agreement and thereafter for so long as the Confidential Information retains commercial value. 

  

	5.	 INTELLECTUAL PROPERTY 

 

	5.1	 The Consultant acknowledges that any and all of the trademarks, copyright, patents and intellectual
property rights used or embodied in any software, materials or documents entrusted to the Consultant are and shall remain the sole property of Client or the respective manufacturer, developer or third party as the case may be. The
Consultant agrees not to make any unlicensed copies of, or otherwise mis-use, any software or other intellectual property owned by Client or any third party. 

 

	5.2	 Without limiting the scope of this Section 5, all Work Product, to the extent copyrightable under the
United States Copyright Act of 1976 (the “Act”), will be “works made for hire” pursuant to the Act, and Client will thereby own all right, title and interest in all copyrightable Work Product. The Consultant
agrees that in connection with the performance of the Services all Work Product shall be the sole and complete Intellectual Property of Client and the Consultant hereby agrees to assign all rights to copyrights, patents and
all other proprietary rights in the said Work Product to Client except the work defined as Consultant’s Intellectual Property in the applicable Work Statement(s) to this Agreement. The Consultant hereby appoints
Client as its attorney for the purpose of executing any documents required to effect and register such assignment. 

  

	5.3	 For purposes of this Agreement “Intellectual Property” or “Intellectual
Property Rights” (“IPR”) means patents, trade secrets and know-how, trademarks, rights in designs, trade or business names or signs, copyrights (including rights in computer
software), database rights and typography rights (whether or not any of these are registered and including applications for registration of any such thing) and all rights or forms of protection of similar nature or having equivalent or similar
effect to any of these which may subsist anywhere in the world. “Work Product” means, collectively, all work product created, conceived, developed or first reduced to practice by Consultant, either solely or in collaboration
with others, including, without limitation, designs, inventions, improvements, processes, computer programs, graphics, pictorial representations, user interfaces, functional specifications, reports, spreadsheets, presentations and analyses, that
arises directly or indirectly out of Consultant’s provision of the Services, or any tasks assigned to Consultant by or on behalf of Client pursuant to this Agreement. 

  
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	6.	 COMMENCEMENT DURATION AND TERMINATION 

 

	6.1	 This Agreement shall take effect on October 12, 2022 and terminate on October 12, 2023. It may be
extended for additional one-year periods upon agreement of both parties. 

  

	6.2	 Either party may terminate this Agreement in the event of any material breach of the Agreement by one party
which cannot be remedied or is not remedied within fourteen days of notice by the other party requiring it to be remedied. 

  

	7.	 INDEMNIFICATION 

Consultant hereby indemnifies and agrees to hold Client and its affiliates (and their officers, directors, employees and agents)
harmless from and against any loss, liability, damage, cost or expense (including, without limitation, reasonable fees and expenses of consultants, programmers and engineers, and reasonable attorneys’ fees and expenses) suffered or incurred by
any of them and arising out of: (i) Consultant’s negligence or wilful misconduct; (ii) Consultant’s infringement or violation of the contractual, proprietary or intellectual property rights of any third party; or
(iii) Consultant’s material breach of any of the terms of this Agreement. 
  

	8.	 LIMITATION OF LIABILITY 

 

	8.1	 In no event shall either party’s maximum liability arising out of this Agreement, whether based
upon warranty, contract, negligence, strict liability or otherwise, exceed in the aggregate the actual payments received by or payable to Consultant under the Work Statement to which the claim relates. 

 

	8.2	 In no event shall either party be liable for special, incidental or consequential damages, including, but not
limited to, loss of profits, loss of opportunities, loss of data, or loss of use damages, arising out of this Agreement, even if the party has been advised of the possibility of such damages. 

 

	9.	 GENERAL 

  

	9.1	 Neither party shall be liable for any breach of this Agreement by reason of any matter beyond its / his
control. 

  

	9.2	 Neither party may assign its / his rights or obligations hereunder without the prior written consent of the
other save that Client may assign without consent to its subsidiary to its holding company or to another subsidiary of such holding company. 

  

	9.3	 All notices under this Agreement will be sent by hand delivery, overnight delivery service or certified or
registered mail, or by facsimile (promptly confirmed by dispatching the hard copy by hand delivery, overnight delivery service or certified or registered mail) to the address of the applicable party set forth below (or as otherwise instructed in
writing by such party). Notices will be deemed delivered upon receipt of signature or, in the case of notice by facsimile, upon telephonic confirmation of receipt of the appropriate number of pages and dispatch of the hard copy.

  

			
	 To Client:

General Counsel

BigBear.ai
 6811
Benjamin Franklin Parkway
 Columbia, MD 21046

Carolyn.blankenship@bigbear.ai
	  	 To Consultant:

Dr. Louis R. Brothers

2609 Amanda Court

Vienna Virginia 22180

Reggie.brothers@gmail.com

  
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	9.4	 This Agreement shall be interpreted and enforced in accordance with the laws the state of Delaware applicable
to contracts made and to be performed entirely therein, without regard to the conflict of laws provisions thereof and each party agrees to be subject to the jurisdiction of the courts in the State of Delaware if a suit is commenced in connection
with this Agreement.. 

  

	9.5	 Save as otherwise expressly agreed this is the sole agreement between the parties and shall not be varied
except in writing signed by the parties. The parties have not entered into this Agreement relying upon any representation made by or on behalf of the other. 

  

	9.6	 Nothing herein contained shall constitute the relationship of master and servant or any partnership between
Client and the Consultant. 

  

	9.7	 This Agreement will take effect from the date first above written. 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth above. 

 

			
	BigBear.ai LLC	  	Dr. Louis R. Brothers
		
	Signed /s/ Claire
Morse                                    	  	Signed /s/ Louis Brothers                            
		
	Name and position Claire Morse, CHRO	  	Name and
position                                       
         
		
	Date 10/9/2022	  	Date 10/9/2022

  
 4Exhibit 10.1

 

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 MAKER REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount:  $525,000	Dated as of October 7, 2022

 

Monterey Bio Acquisition Corporation, a
Delaware corporation (the “Maker”), promises to pay to the order of NorthStar Bio Ventures, LLC, a Delaware limited
liability company, or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of Five Hundred Twenty Five Thousand Dollars ($525,000), or such lesser amount as shall have been advanced
by Payee to Maker and shall remain unpaid under this Note, 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
principal balance of Note shall be payable on the date on which Maker consummates its initial business combination (the “Maturity
Date”). 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.

 

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

 

3.            Drawdown
Requests. The principal of this Note may be drawn down from time to time prior to the Maturity Date, upon request from Maker to Payee
(each, a “Drawdown Request”). Payee shall fund each Drawdown Request within two (2) business days after receipt
of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Five Hundred Twenty Five
Thousand Dollars ($525,000). 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.

 

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.            Conversion.

 

(a)            Optional
Conversion. On or before the Maturity Date, at the option of Payee, any amounts outstanding under this Note may be converted into
warrants (“Warrants”) at a conversion price of $1.00 per Warrant (the “Warrant Conversion Price”).
Each Warrant will contain terms identical to those of the warrants Maker issued in a private placement (the “Private Placement”)
simultaneously with the closing of Maker’s initial public offering (the “IPO”) entitling the holder thereof to
purchase one share of Class common stock, par value $0.0001, of Maker (each, a “Share”) at an exercise price of
$11.50 per Share as more fully described in the prospectus for the IPO dated September 30, 2021 and filed with the Securities and
Exchange Commission (the “SEC”). Before this Note may be converted under this Section 5(a), Payee shall surrender
this Note, duly endorsed, at the office of Maker and shall state therein the amount of the unpaid principal of this Note to be converted
and the name or names in which the certificates for Warrants are to be issued. The conversion shall be deemed to have been made immediately
prior to the close of business on the date of the surrender of this Note and the person or persons entitled to receive the Warrants upon
such conversion shall be treated for all purposes as the record holder or holders of such Warrants as of such date. For the avoidance
of doubt, in the event that all principal on this Note has been paid in full on or prior to the Maturity Date, then Payee shall not be
entitled to convert any portion of this Note into Warrants.

 

     

     

    

 

(b)           Remaining
Principal. All accrued and unpaid principal of this Note that is not then converted into Warrants shall continue to remain outstanding
and to be subject to the terms and conditions of this Note.

 

(c)            Fractional
Warrants; Effect of Conversion. No fractional warrants shall be issued upon conversion of this Note. In lieu of issuing any fractional
warrants to Payee upon the conversion of this Note, Maker shall pay to Payee an amount in cash equal to the product obtained by multiplying
the Warrant Conversion Price by the fraction of a warrant not issued pursuant to the previous sentence. Upon conversion of this Note in
full and the payment of any amounts specified in this Section 5(c), this Note shall be cancelled and void without further action
of Maker or Payee, and Maker shall be forever released from all its obligations and liabilities under this Note.

 

6.            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 in Section 1 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.

 

7.            Remedies.

 

(a)            Upon
the occurrence of an Event of Default specified in Section 6(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 thereunder,
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 Sections 6(b) or 6(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.

 

8.            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, on any writ of execution issued hereon, may be sold upon any such writ
in whole or in part in any order desired by Payee.

 

9.            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.

 

    2 

     

    

 

10.         Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered (i) personally
or sent by first class registered or certified mail, overnight courier service to the address designated in writing by such party, (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 mail, one (1) business day after delivery to an overnight courier service or five (5) days after
mailing if sent by mail.

 

11.         Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

12.         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.

 

13.         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 in which a portion of the proceeds
of the IPO and the Private Placement were deposited, as described in greater detail in the registration statement and prospectus filed
with the SEC 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.

 

14.         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.

 

15.         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.

 

	 	MONTEREY BIO ACQUISITION CORPORATION
	 	 
	 	 
	 	By:	/s/ William McKeever
	 	Name: William McKeever
	 	Title: Chief Financial Officer

 

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