Document:

Exhibit 10.2

 

FORM OF COMPANY STOCKHOLDER SUPPORT AGREEMENT

 

This COMPANY STOCKHOLDER
SUPPORT AGREEMENT (this “Agreement”) is entered into as of December 31, 2022, by and among Monterey Capital
Acquisition Corporation, a Delaware corporation (“Parent”), ConnectM Technology Solutions, Inc., a Delaware corporation
(the “Company”) and the Persons set forth on Schedule I hereto (each, a “Company Stockholder”
and, collectively, the “Company Stockholders”). Each of Parent, the Company and each of the Company Stockholders are
sometimes referred to herein individually as a “Party” and collectively as the “Parties”. Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement (defined below).

 

RECITALS

 

WHEREAS, on December 31,
2022, Parent, Chronos Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and the Company, entered into
that certain Agreement and Plan of Merger (as amended, supplemented or otherwise modified from time to time in accordance with its terms,
the “Merger Agreement”) pursuant to which, among other things, Merger Sub will merge with and into the Company,
with the Company as the surviving company in the merger and, after giving effect to such merger, becoming a wholly-owned Subsidiary of
Parent, in each case, on the terms and subject to the conditions set forth in the Merger Agreement;

 

WHEREAS, each Company
Stockholder is the record and beneficial owner of the number of shares of Company Stock set forth opposite such Company Stockholder’s
name on Schedule I hereto (together with any other equity securities of the Company that such Company Stockholder has or acquires
record or beneficial ownership on or after the date hereof, collectively, the “Subject Company Shares”);

 

WHEREAS, in consideration
for the benefits to be received by the Company Stockholders under the terms of the Merger Agreement and as a material inducement to Parent
agreeing to enter into and consummate the transactions contemplated by the Merger Agreement, the Company Stockholders agree to enter
into this Agreement and to be bound by the agreements, covenants and obligations contained in this Agreement; and

 

WHEREAS, the Parties
acknowledge and agree that Parent would not have entered into and agreed to consummate the transactions contemplated by the Merger Agreement
without the Company Stockholders entering into this Agreement and agreeing to be bound by the agreements, covenants and obligations contained
in this Agreement.

 

NOW, THEREFORE, in
consideration of the premises and the mutual promises set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:

 

     

     

    

 

AGREEMENT

 

1.            Company
Stockholder Written Consent and Related Matters.

 

(a)            As
promptly as reasonably practicable (and in any event within two (2) Business Days) following the time at which the Registration
Statement / Proxy Statement is declared effective under the Securities Act, the Stockholders shall duly execute and deliver to the Company
and Parent the Written Consent, under which they shall irrevocably and unconditionally consent to, authorize and approve the Merger Agreement
and the Transaction Documents and the transactions contemplated thereby, including the Merger. Without limiting the generality of the
first sentence of this Section 1(a), prior to the Closing, the Company Stockholders shall vote (or cause to be voted) the
Subject Company Shares against and withhold consent with respect to (A) any Company Acquisition Proposal or (B) any other matter,
action or proposal that would reasonably be expected to (x) impede, frustrate, prevent or nullify any provision of this Agreement,
the Merger Agreement, any Transaction Document or the transactions contemplated thereby, (y) result in a breach of any of the Company’s
covenants, agreements or obligations under the Merger Agreement, or (z) any of the conditions to the Closing set forth in Sections
8.1 or 8.2 of the Merger Agreement not being satisfied.

 

(b)            Without
limiting any other rights or remedies of Parent, each Company Stockholder hereby irrevocably appoints Parent or any individual reasonably
designated by Parent as such Company Stockholder’s agent, attorney-in-fact and proxy (with full power of substitution and resubstituting),
for and in the name, place and stead of such Company Stockholder, to attend on behalf of such Company Stockholder any meeting of the
Company Stockholders with respect to the matters described in Section 1(a), to include such Company Stockholder’s Subject
Company Shares in any computation for purposes of establishing a quorum at any such meeting of the Company Stockholders, to vote (or
cause to be voted) such Stockholder’s Subject Company Shares or consent (or withhold consent) with respect to any of the matters
described in Section 1(a) in connection with any meeting of the Company Stockholders or any action by written consent
by the Company Stockholders (including the Company Stockholder Written Consent), in each case, in the event that such Company Stockholder
fails to perform or otherwise comply with the covenants, agreements or obligations set forth in Section 1(a).

 

(c)            The
proxy granted by each Company Stockholder pursuant to Section 1(b) is coupled with an interest sufficient at law to
support an irrevocable proxy and is granted in consideration for Parent entering into the Merger Agreement and agreeing to consummate
the transactions contemplated thereby. The proxy granted by each Company Stockholder pursuant to Section 1(b) is also
a durable proxy and shall survive the bankruptcy, dissolution, death, incapacity or other inability to act by such Company Stockholder
and shall revoke any and all prior proxies granted by such Company Stockholder with respect to its Subject Company Shares. The vote or
consent of the proxyholder in accordance with Section 1(b) and with respect to the matters in Section 1(a) shall
control in the event of any conflict between such vote or consent by the proxyholder of the Subject Company Shares and a vote or consent
by a Company Stockholder of the Subject Company Shares (or any other Person with the power to vote the Subject Company Shares) with respect
to the matters in Section 1(a). The proxyholder may not exercise the proxy granted pursuant to Section 1(b) on
any matter except those provided in Section 1(a). For the avoidance of doubt, the Company Stockholder may vote the Subject
Company Shares on all other matters, subject to, for the avoidance of doubt, the other applicable covenants, agreements and obligations
set forth in this Agreement.

 

2.            Other
Covenants and Agreements.

 

(a)            Each
Company Stockholder shall be bound by and subject to the Confidentiality Agreement and Section 7.7 (Publicity) of the Merger
Agreement to the same extent as such provisions apply to the parties to the Merger Agreement, as if such Company Stockholder were directly
party thereto, and each Company Stockholder shall be bound by and subject to Section 5.3 (No Claim Against the Parent Trust
Account) and Section 5.4(a) (Exclusivity) of the Merger Agreement to the same extent as such provisions apply to the
Company, as if such Company Stockholder were directly party thereto.

 

(b)            Each
Company Stockholder acknowledges and agrees that Parent is entering into the Merger Agreement in reliance upon such Company Stockholder
entering into this Agreement and agreeing to be bound by, and perform, or otherwise comply with, as applicable, the agreements, covenants
and obligations contained in this Agreement and but for such Company Stockholder entering into this Agreement and agreeing to be bound
by, and perform, or otherwise comply with, as applicable, the agreements, covenants and obligations contained in this Agreement, Parent
would not have entered into or agreed to consummate the transactions contemplated by the Merger Agreement.

 

    2

     

    

 

3.            Stockholder
Representations and Warranties. Each of the Company Stockholders represents and warrants to Parent, severally but not jointly, on
behalf of itself, as follows:

 

(a)            If
such Company Stockholder is a corporation, limited liability company, trust or other applicable entity duly organized or formed, as applicable,
validly existing and, , except where the failure to so qualify would not reasonably be expected to have a material adverse effect on
the Company Stockholder’s ability to perform its obligations under this Agreement, in good standing (or the equivalent thereof,
if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or any equivalent thereof),
in each case, under the Laws of its jurisdiction of formation or organization (as applicable).

 

(b)            Each
Company Stockholder has full legal capacity, right and authority to execute and deliver this Agreement and to perform its obligations
hereunder. This Agreement has been duly executed and delivered by such Company Stockholder and, assuming due authorization, execution
and delivery by the other parties to this Agreement, this Agreement constitutes a legally valid and binding obligation of such Company
Stockholder, enforceable against such Company Stockholder in accordance with the terms hereof (except as enforceability may be limited
by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability
of specific performance and other equitable remedies). If this Agreement is being executed in a representative or fiduciary capacity,
the Person signing this Agreement has full power and authority to enter into this Agreement on behalf of the applicable Company Stockholder.

 

(c)            No
consent, approval or authorization of, or designation, declaration or filing with, any Governmental Entity is required on the part of
such Company Stockholder with respect to such Company Stockholder’s execution, delivery or performance of its covenants, agreements
or obligations under this Agreement (including, for the avoidance of doubt, those covenants, agreements and obligations under this Agreement
that relate to the provisions of the Merger Agreement) or the consummation of the transactions contemplated hereby, except for any consents,
approvals, authorizations, designations, declarations, waivers or filings, the absence of which would not adversely affect the ability
of such Company Stockholder to perform, or otherwise comply with, any of its covenants, agreements or obligations hereunder in any material
respect.

 

(d)            None
of the execution or delivery of this Agreement by such Company Stockholder, the performance by such Company Stockholder of any of its
covenants, agreements or obligations under this Agreement (including, for the avoidance of doubt, those covenants, agreements and obligations
under this Agreement that relate to the provisions of the Merger Agreement) or the consummation of the transactions contemplated hereby
will, directly or indirectly (with or without due notice or lapse of time or both), (i) result in any breach of any provision of
such Company Stockholder’s Governing Documents, (ii) result in a violation or breach of, or constitute a default or give rise
to any right of termination, Consent, cancellation, amendment, modification, suspension, revocation or acceleration under, any of the
terms, conditions or provisions of any Contract to which such Company Stockholder is a party, (iii) violate, or constitute a breach
under, any Order or applicable Law to which such Company Stockholder or any of its respective properties or assets is bound or (iv) result
in the creation of any Lien upon the Subject Company Shares, except, in the case of any of clauses (ii) and (iii) above,
as would not adversely affect the ability of such Company Stockholder to perform, or otherwise comply with, any of its covenants, agreements
or obligations hereunder.

 

(e)            Such
Company Stockholder is the record and beneficial owner of its Subject Company Shares, free and clear of all Liens (other than transfer
restrictions under applicable Securities Law or under the Company Stockholders Agreements). Except for the Company Stock set forth on
Schedule I hereto with respect to such Company Stockholder, together with any other equity securities of the Company that such
Company Stockholder acquires record or beneficial ownership of after the date hereof that is either permitted pursuant to, or acquired
in accordance with, Section 5.1(b)(v) of the Merger Agreement, such Company Stockholder does not own, beneficially or
of record, any equity securities of the Company or its Subsidiaries. Except as otherwise expressly contemplated by the Company Stockholders
Agreements and any agreement existing on the date hereof and made available to Parent or that is entered into in accordance with the
Merger Agreement, such Company Stockholder has no right to acquire any equity securities of the Company or its Subsidiaries. Such Company
Stockholder has the sole right to vote (and provide consent in respect of, as applicable) the Subject Company Shares and, except for
this Agreement, the Merger Agreement, the Company Stockholders Agreements and any Contract with respect to a Permitted Transfer, such
Company Stockholder is not party to or bound by (i) any option, warrant, purchase right, or other Contract that would (either alone
or in connection with one or more events, developments or events (including the satisfaction or waiver of any conditions precedent))
require such Company Stockholder to Transfer any of its Subject Company Shares or (ii) any voting trust, proxy or other Contract
with respect to the voting or Transfer of any of its Subject Company Shares.

 

    3

     

    

 

(f)            There
is no Proceeding pending or, to such Company Stockholder’s knowledge, threatened against such Company Stockholder that, if adversely
decided or resolved, would reasonably be expected to adversely affect the ability of such Company Stockholder to perform, or otherwise
comply with, any of its covenants, agreements or obligations under this Agreement in any material respect.

 

(g)            Such
Company Stockholder is a sophisticated stockholder, and on its own behalf and on behalf of its Representatives, acknowledges, represents,
warrants and agrees that it has been furnished with or given access to such documents and information about Parent and its respective
businesses and operations as it and its Representatives have deemed necessary to enable it to make an informed decision with respect
to the execution, delivery and performance of this Agreement, the other Transaction Documents to which it is or will be a party and the
transactions contemplated hereby and thereby.

 

(h)            In
entering into this Agreement and the other Transaction Documents to which it is or will be a party, such Company Stockholder has relied
solely on its own investigation and analysis and on the Parent’s representations and warranties expressly set forth in the Transaction
Documents to which it is or will be a party and no other representations or warranties of Parent any Parent non-Party Affiliate or any
other Person, either express or implied, and such Company Stockholder, on its own behalf and on behalf of its Representatives, acknowledges,
represents, warrants and agrees that, except for the representations and warranties expressly set forth in the Transaction Documents
to which it is or will be a party, none of Parent, any Parent non-Party Affiliate or any other Person makes or has made any representation
or warranty, either express or implied, in connection with or related to this Agreement, the Transaction Documents to which it is or
will be a party or the transactions contemplated hereby or thereby.

 

(i)            Such
Company Stockholder has not employed any broker, finder, investment banker or other Person that is entitled to any brokerage fee, finders’
fee or other commission in connection with the transactions contemplated by the Merger Agreement based upon arrangements made by such
Company Stockholder, for which the Company or any of its Affiliates may become liable.

 

4.            Transfer
of Subject Company Shares. In addition to and without limiting the restrictions set forth in any Company Stockholder Lock-Up Agreement
to which any Company Stockholder is a party, except as expressly contemplated by the Merger Agreement, with the prior written consent
of Parent (such consent to be given or withheld in its sole discretion) or to a Permitted Transferee (as defined below), from and after
the date hereof, each Company Stockholder agrees not to (a) Transfer any of its Subject Company Shares, (b) enter into (i) any
option, warrant, purchase right, or other Contract that would (either alone or in connection with one or more events, developments or
circumstances (including the satisfaction or waiver of any conditions precedent)) require such Company Stockholder to Transfer its Subject
Company Shares or (ii) any voting trust, proxy or other Contract with respect to the voting or Transfer of its Subject Company Shares,
or (c) take any actions in furtherance of any of the matters described in the foregoing clauses (a) or (b). For
purposes of this Agreement, “Transfer” means any, direct or indirect, sale, transfer, assignment, pledge, mortgage,
exchange, hypothecation, grant of a security interest in or disposition or encumbrance of an interest (whether with or without consideration,
whether voluntarily or involuntarily or by operation of law or otherwise) and “Permitted Transferee” means any (x) Person
that controls, is controlled by or is under common control with a Stockholder or (y) outright or in trust to or for the benefit
of (A) a family member of such Stockholder, or (B) any personal representative, estate or executor under any will of such Stockholder
or pursuant to the laws of intestate succession, so long as the final recipient from any personal representative, estate or executor
under any will or pursuant to the laws of intestate succession provided that, such transferee stated in the aforesaid (x) or (y) agrees
in writing to be bound by all the obligations of the applicable Stockholder hereunder with respect to its Subject Company Shares upon
a Transfer of such Subject Company Shares to such Person and provides a copy and notice of such agreement to Parent.

 

5.            Termination.
This Agreement shall automatically terminate, without any notice or other action by any Party, upon the earlier of (a) the
Effective Time and (b) the termination of the Merger Agreement in accordance with its terms. Upon termination of this Agreement
as provided in the immediately preceding sentence, none of the Parties shall have any further obligations or Liabilities under, or with
respect to, this Agreement. Notwithstanding the foregoing or anything to the contrary in this Agreement, (i) the termination of
this Agreement pursuant to Section 5(b) shall not affect any Liability on the part of any Party for fraud or a Willful
Breach of any covenant or agreement set forth in this Agreement prior to such termination, (ii) the first sentence of Section 2(a) (solely
to the extent that it relates to the Confidentiality Agreement) and the representations and warranties set forth in Sections 3(g) through
(i) shall each survive any termination of this Agreement, (iii) the first sentence of Section 2(a) (solely
to the extent that it relates to Section 7.7 (Publicity) of the Merger Agreement) shall survive the termination of this Agreement
pursuant to Section 5(a) and (iv) the first sentence of Section 2(a) (solely to the extent that
it relates to Section 5.3 (No Claim Against the Parent Trust Account) of the Merger Agreement) shall survive the termination
of this Agreement pursuant to Section 5(b).

 

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6.            Fiduciary
Duties. Notwithstanding anything in this Agreement to the contrary, (a) no Company Stockholder makes any agreement or understanding
herein in any capacity other than in such Company Stockholder’s capacity as a record holder and beneficial owner of its Subject
Company Shares and (b) nothing herein will be construed to limit or affect any action or inaction by such Company Stockholder or
by any representative or Affiliate of such Company Stockholder serving as a member of the board of directors of the Company or any of
its Subsidiaries or as an officer, employee or fiduciary of the Company or any of its Subsidiaries, in each case, acting in such person’s
capacity as a director, officer, employee or fiduciary of the Company or such Subsidiary.

 

7.            No
Recourse. Except for claims pursuant to the Merger Agreement or any other Transaction Document by any party(ies) thereto against
any other party(ies) thereto, each Party agrees that (a) this Agreement may be enforced only against, and any action for breach
of this Agreement may be made only against, the Parties, and no claims of any nature whatsoever (whether in tort, contract or otherwise)
arising under or relating to this Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby shall
be asserted against the Company or any Company non-Party Affiliate (other than any Company Stockholder named as a party hereto, on the
terms and subject to the conditions set forth herein) or any Parent non-Party Affiliate, and (b) none of the Company, its Subsidiaries,
any Company non-Party Affiliates (other than any Stockholder named as a party hereto, on the terms and subject to the conditions set
forth herein) or any Parent non-Party Affiliate shall have any Liability arising out of or relating to this Agreement, the negotiation
hereof or its subject matter, or the transactions contemplated hereby, including with respect to any claim (whether in tort, contract
or otherwise) for breach of this Agreement or in respect of any written or oral representations made or alleged to be made in connection
herewith, as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information
or materials of any kind furnished in connection with this Agreement, the negotiation hereof or the transactions contemplated hereby.

  

8.            Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given) by delivery in person, by e-mail (having obtained electronic delivery confirmation thereof (i.e., an electronic
record of the sender that the email was sent to the intended recipient thereof without an “error” or similar message that
such email was not received by such intended recipient)), or by registered or certified mail (postage prepaid, return receipt requested)
(upon receipt thereof) to the other Parties as follows:

 

If to Parent, to:

 

c/o Monterey Capital Acquisition Corporation

419 Webster Street

Monterey, CA 93940

Attention: Bala Padmakumar

E-mail: bala@padmakumar.com

 

with a copy (which shall not constitute notice) to:

 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

One Financial Center

Boston, MA 02111

Attention: Tom Burton; Jeffery Schultz

E-mail: TRBurton@mintz.com;
JSchultz@mintz.com

 

If to the Company, to:

 

c/o ConnectM Technology Solutions, Inc.

2 Mount Royal Avenue, Suite 550

Marlborough, MA 01752

Attention: Bhaskar Panigrahi

Email: Bhaskar@connectm.com

 

    5

     

    

 

with a copy (which shall not constitute notice) to:

 

Burns & Levinson LLP

125 High Street

Boston, MA 02110

Attention: Andrew Merken

E-mail: amerken@burnslev.com

 

and, if to any Stockholder, to the notice address
provided opposite their name on Schedule I attached hereto, or to such other address as the Party to whom notice is given may
have previously furnished to the others in writing in the manner set forth above.

 

9.            Entire
Agreement. This Agreement, the Merger Agreement and documents referred to herein and therein constitute the entire agreement of the
Parties with respect to the subject matter of this Agreement, and supersede all prior agreements and undertakings, both written and oral,
among the Parties with respect to the subject matter of this Agreement, except as otherwise expressly provided in this Agreement.

 

10.            Amendments
and Waivers; Assignment. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in
writing and signed by the Company, the Company Stockholders and Parent. Notwithstanding the foregoing, no failure or delay by any Party
in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise of any other right hereunder. Neither this Agreement nor any of the rights, interests or obligations hereunder shall
be assignable by any Company Stockholder, other than to a Permitted Transferee, without Parent’s prior written consent (to be withheld
or given in its sole discretion).

 

11.            Fees
and Expenses. Except as otherwise expressly set forth in the Merger Agreement, all fees and expenses incurred in connection with
this Agreement and the transactions contemplated hereby, including the fees and disbursements of counsel, financial advisors and accountants,
shall be paid by the Party incurring such fees or expenses.

 

12.            Remedies.
Except as otherwise expressly provided herein, any and all remedies provided herein will be deemed cumulative with and not exclusive
of any other remedy conferred hereby upon, or available at law or in equity to, such Party, and the exercise by a Party of any one remedy
will not preclude the exercise of any other remedy. The Parties agree that irreparable damage for which monetary damages, even if available,
would not be an adequate remedy and would occur in the event that any Party does not perform its respective obligations under the provisions
of this Agreement in accordance with their specific terms or otherwise breaches such provisions. It is accordingly agreed that each Party
shall be entitled to an injunction or injunctions, specific performance and other equitable relief to prevent breaches of this Agreement
and to enforce specifically the terms and provisions of this Agreement, in each case, without posting a bond or undertaking and without
proof of damages and this being in addition to any other remedy to which they are entitled at law or in equity. Each Party agrees that
it will not oppose the granting of an injunction, specific performance and other equitable relief when expressly available pursuant to
the terms of this Agreement on the basis that the other parties have an adequate remedy at law or an award of specific performance is
not an appropriate remedy for any reason at law or equity.

 

13.            No
Third Party Beneficiaries. This Agreement shall be for the sole benefit of the Parties and their respective successors and permitted
assigns and is not intended, nor shall be construed, to give any Person, other than the Parties and their respective successors and permitted
assigns, any legal or equitable right, benefit or remedy of any nature whatsoever by reason this Agreement. Nothing in this Agreement,
expressed or implied, is intended to or shall constitute the Parties as partners or participants in a joint venture.

 

14.            Miscellaneous.
Article X (No Survival) and Sections 11.2 (Counterparts), 11.3 (Governing Law), 11.4 (Forum; Waiver
of Jury Trial), 11.11 (Severability) and 11.12 (Interpretation and Construction), of the Merger Agreement are incorporated
herein by reference and shall apply to this Agreement, mutatis mutandis.

 

[Signature page follows]

 

    6

     

    

 

IN WITNESS WHEREOF, the Parties
have executed and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	MONTEREY CAPITAL ACQUISITION CORPORATION
	 	 
	 	By:	/s/ Bala Padmakumar
	 	Name: Bala Padmakumar
	 	Title: Chief Executive Officer

 

[Signature Page to Company Stockholder Support
Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the Parties
have executed and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	CONNECTM TECHNOLOGY SOLUTIONS, INC.
	 	 
	 	By:	/s/ Bhaskar Panigrahi
	 	Name: Bhaskar Panigrahi
	 	Title: Chairman & CEO

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	Avanti Holdings LLC
	 	 
	 	By:	 /s/ Bhaskar Panigrahi
	 	Name: Bhaskar Panigrahi
	 	Title: Managing Member

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	NXT Ventures Fund III, LLC
	 	 
	 	By:	 /s/ Barry Turkanis
	 	Name: Barry Turkanis
	 	Title: Managing Director

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	Satish K. Tadikonda Trust
	 	 
	 	By:	/s/ Satish K. Tadikonda Trust
	 	Name: Satish K. Tadikonda
	 	Title: Trustee

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	The Subrahmanyam Kota IRRV Trust
	 	 
	 	By:	/s/ Subrahmanyam Kota
	 	Name: Subrahmanyam Kota
	 	Title: Trustee

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	Win-Light Capital, Co.
	 	 
	 	By:	 /s/ YueMei Zhu
	 	Name: YueMei Zhu
	 	Title: Director

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	/s/ Bhaskar Panigrahi
	 	Bhaskar Panigrahi

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	/s/ Girish Subramanya
	 	Girish Subramanya

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	/s/ Janaki Y
	 	Janaki Y

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	/s/ Myank Jain
	 	Myank Jain

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
and delivered this Company Stockholder Support Agreement as of the date first above written.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	/s/ Gaugarin Oliver
	 	Gaugarin Oliver

 

    

     

    

 

SCHEDULE IExhibit 10.3

 

FORM OF LOCK-UP AGREEMENT

 

	 	December 31, 2022

 

Monterey Capital Acquisition Corporation 

419 Webster Street 

Monterey, CA 93940 

Attention: Bala Padmakumar, CEO

 

ConnectM Technology Solutions, Inc.

2 Mount Royal Avenue, Suite 550 

Marlborough, MA 01752 

Attention: Bhaskar Panigrahi, CEO

 

RE:     Lock-up
Agreement (this “Agreement”)

 

Ladies and Gentlemen:

 

Reference is made to that
certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 31, 2022, by and among Monterey
Capital Acquisition Corporation, a Delaware corporation, which will be known after the consummation of the transactions contemplated
by the Merger Agreement as ConnectM Technology Solutions, Inc. (“Parent”), Chronos Merger Sub, Inc., a Delaware
corporation (“Merger Sub”) and a wholly owned subsidiary of the Company, and ConnectM Technology Solutions, Inc.,
a Delaware corporation (the “Company”), pursuant to which holders of Company capital stock will receive shares of
common stock, $0.0001 par value per share (“Common Stock”), of Parent, upon and subject to the closing (the “Closing”)
of the transactions contemplated thereby (the “Merger”). Capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Merger Agreement.

 

In connection with the Merger,
and for other good and valuable consideration receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the
prior written consent of the Company and Parent, the undersigned will not, for the period beginning on the date of this Agreement and
ending on the earlier of:

 

		(A)	180 days after the Closing; and

 

		(B)	subsequent to the Closing, (x) if
                                            the last reported sale price of the Common Stock equals or exceeds $16.50 per share (as adjusted
                                            for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any
                                            twenty (20) trading days within any thirty (30) consecutive trading days following the one
                                            hundred fiftieth (150th) day commencing after the Closing or (y) the date
                                            on which Parent completes a Change of Control.

 

For purposes of this Agreement, “Change
of Control” means any transaction or series of transactions following the Closing the result of which is: (i) the acquisition
by any Person or group (as defined under Section 13 of the Exchange Act) of Persons of direct or indirect beneficial ownership of
securities representing 50% or more of the combined voting power of the then outstanding securities of Parent; (ii) a merger, consolidation,
business combination, recapitalization, reorganization, or other similar transaction, however effected, resulting in any Person or group
(as defined under Section 13 of the Exchange Act) acquiring 50% or more of the combined voting power of the then outstanding securities
of Parent or the surviving or successor entity immediately after such combination; (iii) a sale of all or substantially all of the
assets of Parent and its Subsidiaries, taken as a whole; provided, however, that any securities of Parent issued in a bona fide financing
transaction or series of bona fide financing transactions shall be excluded from the definition of “Change of Control”.

 

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(the “Lock-up Period”), (1) offer,
sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of or distribute any shares of
Common Stock or any securities convertible into, exercisable for, exchangeable for or that represent the right to receive shares of Common
Stock, whether now owned or hereinafter acquired, (including, without limitation, shares of Company capital stock) that are owned directly
by the undersigned (including securities held as a custodian) or with respect to which the undersigned has beneficial ownership within
the rules and regulations of the Securities and Exchange Commission (such securities, the “Restricted Securities”),
or (2) engage in any hedging or other transaction with respect to Restricted Securities which is designed to or which reasonably
could be expected to lead to or result in a sale or disposition of the Restricted Securities even if such Restricted Securities would
be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions include any short sale or any purchase,
sale or grant of any right (including any put or call option) with respect to any of the Restricted Securities of the undersigned, or
with respect to any security that includes, relates to, or derives any significant part of its value from such Restricted Securities.

 

The foregoing shall not apply
to:

 

(A)           transfers
of shares of Common Stock as a bona fide gift or gifts or to a trust, foundation or family partnership for the direct or indirect benefit
of the undersigned, its members or equity holders or members of their respective immediate family, or by will or intestate succession
upon the death of the undersigned or for bona fide estate planning purposes;

 

(B)            if
the undersigned is a corporation, partnership, limited liability company or other business entity, distributions of shares of Common
Stock to members, partners, managers or stockholders of the undersigned or to an affiliated investment fund or other affiliated entity
controlled or managed by the undersigned;

 

(C)            if
the undersigned is a corporation, partnership, limited liability company or other business entity, any transfer made by the undersigned
to another corporation, partnership, limited liability company or other business entity so long as the transferee controls, is controlled
by or is under common control with the undersigned and such transfer is not for value;

 

(D)            transactions
relating to Common Stock or other securities convertible into or exercisable or exchangeable for Common Stock acquired by the undersigned
in open market transactions after completion of the Business Combination;

 

(E)            any
transfers made by the undersigned by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce
settlement;

 

(F)            transfers
made pursuant to an order or decree of a Governmental Entity;

 

(G)            any
transfers to a charitable foundation controlled by the undersigned, its members or stockholders or any of their respective immediate
family;

 

(H)            any
transfers to a charitable organization;

 

(I)             in
the case of an individual, transfers made pursuant to a qualified domestic relations order;

 

(J)             transfer
to a nominee or custodian of a Person to whom a disposition or transfer would be permissible under clauses (A), (D), (E), (F),(G) or
(H) above.

 

(K)            entering
into a trading plan providing for the sale of the Restricted Securities by the undersigned, which trading plan meets the requirements
of Rule 10b5-1(c) under the Exchange Act, as long as (i) such plan does not provide for, or permit, the sale of any Restricted
Securities during the Restricted Period and (ii) no filing under Section 16(a) of the Exchange Act or other public announcement
is voluntarily made or required regarding such plan during the Lock-up Period; and

 

(L)            the
conversion of Parent Class B Common Stock into Common Stock pursuant to the Merger, it being understood that any such shares of
Common Stock received by the undersigned upon such conversion shall be subject to the restrictions on transfer set forth in this Agreement.

 

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provided, that, in the case of any transfer
or distribution pursuant to clause (A), (B), (C),(E), (F), (G), (H) or (I) each donee, distributee or transferee, as applicable,
shall execute and deliver to Parent and the Company a lock-up letter in the form of this Agreement; and provided, further,
that in the case of any transfer or distribution pursuant to clause (A), (B), (C), (D), (E), (F) (G), (I) or (J) (i) no
filing by any party (donor, donee, transferor or transferee) under the Exchange Act or (ii) other public announcement reporting
a reduction in beneficial ownership shall be required or shall be made voluntarily in connection with such transfer or distribution (other
than a filing on a Form 5, Schedule 13G (or Schedule 13G/A) or Schedule 13F made after the expiration of the Lock-up Period referred
to above). For purposes of this Agreement, “immediate family” means any relationship by blood, marriage or adoption, not
more remote than first cousin.

 

In furtherance of the foregoing,
Parent and any duly appointed transfer agent for the registration or transfer of the securities described herein are hereby authorized
to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Agreement.

 

The undersigned hereby represents
and warrants that the undersigned has full power and authority to enter into this Agreement. All authority herein conferred or agreed
to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives
of the undersigned.

 

The undersigned hereby represents
and warrants that it now has and, except as contemplated by this Agreement, will have good and marketable title to its Restricted Securities,
free and clear of all liens, encumbrances, and claims that could impact the ability of the undersigned to comply with the foregoing restrictions.
The undersigned agrees and consents to the entry of stop transfer instructions with Parent’s transfer agent and registrar against
the transfer of any Restricted Securities during the Lock-up Period.

 

Notwithstanding anything
to the contrary contained herein, if the Merger Agreement (other than the provisions thereof which survive termination) shall terminate
or be terminated prior to the Closing, the undersigned shall be released from all obligations under this Agreement. The undersigned understands
that Parent and the Company are proceeding with the Merger in reliance upon this Agreement. Except as otherwise provided herein, this
Agreement shall terminate upon the expiration of the Lock-up Period.

 

This Agreement and any claim,
controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to the conflict of laws principles thereof. All notices, requests, instructions, claims, consents and
other communications made in connection with this Agreement, shall be provided in accordance with Section 11.16 of the Merger Agreement,
mutatis mutandis, with respect to the undersigned, to the address or email address set forth on the signature page hereto.

 

The provisions of this Agreement
may be amended, modified or waived only with the prior written consent of the Company and the holders of the Restricted Securities (each,
a “Holder” and collectively the “Holders”) representing a majority of the Restricted Securities;
provided that (i) no such amendment, modification or waiver that would adversely affect a Holder in a manner that is different from
any other Holder shall be effective against such Holder without the prior written consent of such Holder and (ii) if any amendment,
modification, waiver or release of this Agreement provides any Holder with rights superior to the rights provided to other Holders, such
amendment, modification or waiver shall provide such rights to all Holders. The failure or delay of any Person to enforce any of the
provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such Person
thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach
or default by any Person in the performance by that Person of his, her or its obligations under this Agreement shall not be deemed to
be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of
that Person under this Agreement.

 

The undersigned acknowledges
that its obligations under this Agreement are unique, recognizes and affirms that in the event of its breach of this Agreement, money
damages would be inadequate and Parent will have no adequate remedy at law, and agrees that irreparable damage might occur in the event
that any of the provisions of this Agreement were not performed by the undersigned in accordance with their specific terms or were otherwise
breached. Accordingly, Parent shall be entitled to an injunction or restraining order to prevent breaches of this Agreement by the undersigned
and to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other security or to prove that
money damages would be inadequate, this being in addition to any other right or remedy to which such party may be entitled under this
Agreement, at law or in equity.

 

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Article X (No Survival)
and Sections 11.2 (Counterparts), 11.3 (Governing Law), 11.4 (Forum; Waiver of Jury Trial), 11.6 (Notice), 11.11 (Severability) and 11.12
(Interpretation and Construction), of the Merger Agreement are incorporated herein by reference and shall apply to this Agreement, mutatis
mutandis.

 

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Very truly yours,

 

If an individual, please sign here:

 

	 	Signature:	 	 
	 	 	 
	 	Print Name:	 	 

 

	If a corporation, limited liability company, limited partnership or other legal entity,
    please sign here:	 
	 	 
	 	Legal Name:	 	 
	 	 
	 	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature Page to Lock-up Agreement]

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