Company: MACIW
Filing Date: 2025-08-05
Form Type: 425
Source: 0001104659-25-074244
Chunk: 5

Company: Melar Acquisition Corp. I/Cayman
Filing Date: 2025-08-05
Form: 425
Chunk 5
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ger Agreement also
contains certain customary post-Closing covenants regarding (a) maintenance of books and records; (b) indemnification of directors and
officers and the purchase of directors’ and officers’ tail liability insurance; and (c) use of trust account proceeds.

In addition,
Everli agreed to use its commercially reasonable efforts to as promptly as practicable after the Registration Statement has become effective
to obtain its required shareholder approvals in the manner required under its organizational documents and applicable law for, among other
things, the adoption and approval of the Merger Agreement, ancillary documents relating thereto and the Business Combination, including
enforcing the Voting Agreement (as defined and described below) in connection therewith.

The parties made customary
covenants regarding the registration statement on Form S-4 to be filed by Melar and Everli (the “Registration Statement”)
with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the
“Securities Act”), to register the common stock of SPAC deemed reissued in the Domestication and the shares
of Melar common stock to be issued as Merger Consideration under the Merger Agreement. The Registration Statement also will contain Melar’s
proxy statement to solicit proxies from Melar’s shareholders to approve, among other things, (i) the Merger Agreement and the Business
Combination, including the Merger and the Domestication; (ii) the issuance of any shares in connection with the Transaction Financing
(as defined below) and Domestication, including the adoption and approval of the issuance of more than 20% of the outstanding Melar common
stock; (iii) the effecting of the Domestication, including adoption of the new organizational documents of Melar after the Domestication;
(iv) the adoption and approval of the new amended and restated organizational documents of Melar to be adopted upon the Closing; (v) the
adoption and approval of a new equity incentive plan providing for awards for a number of shares equal to 15% of the aggregate number
of shares of Melar common stock issued and outstanding immediately after the Closing (after giving effect to the Closing redemption by
Melar’s public shareholders); and (vi) the appointment of the post-Closing board of directors.

The parties agreed that the
post-Closing board of directors will consist of five directors, at least a majority of which will qualify as “independent directors”
under the listing rules