Company: MACIW
Filing Date: 2025-08-05
Form Type: 425
Source: 0001104659-25-074244
Chunk: 12

Company: Melar Acquisition Corp. I/Cayman
Filing Date: 2025-08-05
Form: 425
Chunk 12
---
 transaction with an unaffiliated third party after the Closing):
(i) sell, offer to sell, contact or agree to sell, hypothecate, pledge, lend, encumber, donate, assign, grant any option, right or warrant
to purchase, purchase any option or contract to sell, or otherwise dispose of or enter into any agreement to dispose of, directly or indirectly,
or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16
of the Securities Exchange Act of 1934, as amended, and the rules of regulation of the Commission promulgated thereunder, with respect
to any Restricted Securities, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of such Melar restricted securities, or (iii) publicly disclose the intention to do any of the foregoing,
whether any such transaction described in clauses (i) or (ii) above is to be settled by delivery of Melar restricted securities or other
securities, in cash or otherwise (in each case, subject to certain limited permitted transfers where the recipient takes the shares subject
to the restrictions in the Lock-Up Agreement).

A copy of the Lock-Up Agreement is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference, and the foregoing description of the Lock-Up Agreement is qualified in its entirety by reference thereto.

Non-Competition Agreement

Simultaneously with the execution
and delivery of the Merger Agreement, Palella Holdings entered into a non-competition and non-solicitation agreement (the “Non-Competition Agreement”) in favor Everli and Melar and their respective present and future successors and direct and indirect subsidiaries
(collectively, the “Covered Parties”). Under the Non-Competition Agreement, pursuant to which Palella Holdings
agrees not to compete with Melar, Everli and their respective affiliates during the two-year period following the Closing and, during
such two-year restricted period, not to solicit employees or customers of such entities. The Non-Competition Agreement also contains customary
confidentiality and non-disparagement provisions.

A copy of the Non-Competition Agreement is filed as Exhibit 10.3 to this Current Report on Form 8-K and is incorporated herein by reference, and the foregoing description of the Non-Competition Agreement is qualified in its entirety by reference thereto.

Form of Registration