SEC Contract Filing

Filing Date: 2022-05-16

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>7
<FILENAME>tm2215595d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
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<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;10.2</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INVESTMENT MANAGEMENT TRUST AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Investment Management
Trust Agreement (this &ldquo;<B><I>Agreement</I></B>&rdquo;) is made effective as of May&nbsp;10, 2022, by and between Monterey Capital
Acquisition Corporation, a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Continental Stock Transfer&nbsp;&amp; Trust
Company, a New York corporation (the &ldquo;<B><I>Trustee</I></B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company&rsquo;s
registration statement on Form&nbsp;S-1, File No.&nbsp;333-264460 (the &ldquo;<B><I>Registration</I></B>&nbsp;<B><I>Statement</I></B>&rdquo;)
and prospectus (the &ldquo;<B><I>Prospectus</I></B>&rdquo;) for the initial public offering of the Company&rsquo;s units (the &ldquo;<B><I>Units</I></B>&rdquo;),
each of which consists of one share of the Company&rsquo;s Class&nbsp;A common stock, par value $0.0001 per share (the &ldquo;<B><I>Common
Stock</I></B>&rdquo;), one right to receive one-tenth (1/10) of one share of Common Stock and one redeemable warrant, each warrant entitling
the holder thereof to purchase one share of Common Stock (such initial public offering hereinafter referred to as the &ldquo;<B><I>Offering</I></B>&rdquo;),
has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company has entered
into an Underwriting Agreement (the &ldquo;<B><I>Underwriting</I></B>&nbsp;<B><I>Agreement</I></B>&rdquo;) with EF Hutton, division of
Benchmark Investments, LLC, as representative (the &ldquo;<B><I>Representative</I></B>&rdquo;) of the several underwriters (the &ldquo;<B><I>Underwriters</I></B>&rdquo;)
named therein; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, if we are unable
to complete our initial business combination within 12 months, or if we decide to extend the period of time to consummate our business
combination up to two times by an additional three months each time, at $0.10 per extension, for a total of $0.20 aggregate in trust,
within 18 months (the &ldquo;<B><I>Extension Option</I></B>&rdquo;), from the closing of this offering, we will redeem 100% of 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 us to pay our taxes (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding public shares, subject to applicable law and certain conditions as further described
herein. In the event we decide to exercise the Extension Option, investors will not have voting rights nor redemption rights in connection
with such additional three-month extensions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, as described in the
Prospectus, $80,800,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting
Agreement) (or $92,920,000, if the Underwriters&rsquo; over-allotment option is exercised in full) will be delivered to the Trustee to
be deposited and held in a segregated trust account located at all times in the United States (the &ldquo;<B><I>Trust</I></B>&nbsp;<B><I>Account</I></B>&rdquo;)
for the benefit of the Company and the holders of the Common Stock included in the Units issued in the Offering as hereinafter provided
(the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the &ldquo;<B><I>Property,</I></B>&rdquo;
the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the &ldquo;<B><I>Public</I></B>&nbsp;<B><I>Stockholders,</I></B>&rdquo;
and the Public Stockholders and the Company will be referred to together as the &ldquo;<B><I>Beneficiaries</I></B>&rdquo;); and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $3,200,000 (or $3,680,000 if the Underwriters&rsquo; over-allotment option is exercised
in full) is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon
and concurrently with the consummation of the Business Combination (as defined below) (the &ldquo;<B><I>Deferred</I></B>&nbsp;<B><I>Discount</I></B>&rdquo;);
and</P>

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