SEC Contract Filing

Filing Date: 2024-05-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>mcac-20240331xex10d3.htm
<DESCRIPTION>EX-10.3
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 10.6.125.0--><!--Created on: 5/13/2024 10:12:18 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 10.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">THIS PROMISSORY NOTE (&#8220;NOTE&#8221;) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;). 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.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">PROMISSORY NOTE</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.9%;"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="font-size:11pt;">Principal Amount: $100,000</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">Dated as of February 27, 2024</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">New York, New York</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">Monterey Capital Acquisition Corporation, a Delaware corporation and blank check company (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Maker</b><font style="font-size:11pt;">&#8221;), promises to pay to the order of Monterrey Acquisition Sponsor, LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Payee</b><font style="font-size:11pt;">&#8221;), the principal amount of $100,000 (one hundred thousand dollars) in lawful money of the United States of America, on the terms and conditions described below.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:11pt;">All payments on this Promissory Note (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Note</b><font style="font-size:11pt;">&#8221;) 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.</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">1.</font><b style="font-size:11pt;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Principal</b><font style="font-size:11pt;">. The principal balance of this Note shall be payable by the Maker on the date on which Maker consummates an initial business combination (the &#8220;</font><b style="font-size:11pt;font-weight:bold;">Maturity Date</b><font style="font-size:11pt;">&#8221;). 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 stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">2.</font><b style="font-size:11pt;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Interest</b><font style="font-size:11pt;">. No interest shall accrue on the unpaid principal balance of this Note.</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">3.</font><b style="font-size:11pt;font-weight:bold;text-decoration-color:#000000;text-decoration-l