Company: MACIW
Filing Date: 2025-08-05
Form Type: 425
Source: 0001104659-25-074244
Chunk: 11

Company: Melar Acquisition Corp. I/Cayman
Filing Date: 2025-08-05
Form: 425
Chunk 11
---
 to read such Ancillary Documents in their entirety.

Voting Agreement

Simultaneously with the execution
and delivery of the Merger Agreement, Melar and Everli have entered into Voting Agreement (collectively, the “Voting Agreement”)
with Palella Holdings LLC, the majority shareholder of Everli (the “Voting Shareholder” or “Palella Holdings”). Under the Voting Agreement, the Voting Shareholder agreed to vote all of its shares of Everli in favor of the
Merger Agreement and the Business Combination and to otherwise take (or not take, as applicable) certain other actions in support of the
Merger Agreement and the Business Combination and the other matters to be submitted to the Everli shareholders for approval in connection
with the Business Combination, in the manner and subject to the conditions set forth in the Voting Agreement, and provide a proxy to Melar
to vote such Everli shares accordingly (subject to the condition that the Registration Statement have been declared effective by the SEC,
provided that the covenants not to take certain actions to delay, impair or impede the Business Combination as set forth in the Voting
Agreement shall take effect from the date such agreements are executed). The Voting Agreement prevent transfers of the Everli shares held
by the Everli shareholders thereto between the date of the Voting Agreement and the date of Closing, except for certain permitted transfers
where the recipient also agrees to comply with the Voting Agreement.

A copy of the Voting Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference, and the foregoing description of the Voting Agreement is qualified in its entirety by reference thereto.

Lock-Up Agreements

At or prior to the Closing,
Palella Holdings will enter into a Lock-Up Agreement with Melar (collectively, the “Lock-Up Agreements”). Pursuant
to the Lock-Up Agreements, Palella Holdings agreed not to, during the period commencing from the Closing and ending six months after the
Closing (subject to early release if the closing price of shares of Melar common stock equals or exceeds $12.00 per share (as adjusted
for share subdivisions, share consolidations, share capitalizations, stock splits, stock dividends, rights issuances, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30 trading period commencing at least 90 days after the Closing or
Melar consummates a liquidation, merger, share exchange or other similar