Company: MACIW
Filing Date: 2025-08-05
Form Type: 425
Source: 0001104659-25-074244
Chunk: 9

Company: Melar Acquisition Corp. I/Cayman
Filing Date: 2025-08-05
Form: 425
Chunk 9
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31, 2024; (ix) by Melar, if Melar has not obtained the obtained the required Fairness Opinion within 30 days
after the date of the Merger Agreement; and (x) by Everli, if Everli has not procured at least $10,000,000 in Bridge Financing on or prior
to September 30, 2025.

If the
Merger Agreement is terminated, subject to the payment of a termination fee, if applicable, all further obligations of the parties under
the Merger Agreement (except for certain obligations related to publicity, confidentiality, fees and expenses, trust fund waiver, no recourse,
termination and general provisions) will terminate, and no party to the Merger Agreement will have any further liability to any other
party thereto except for liability for fraud or for willful breach of any covenant, obligation or agreement in the Merger Agreement prior
to termination.

In the
event of a termination of the Merger Agreement as a result of a material breach by either party, the breaching party will be required
to pay a termination fee of $1,500,000 to the non-breaching party. Melar may elect to satisfy its obligation to pay such termination fee,
in whole or in part, through the transfer of shares of Melar Class A common stock (valued at $10.00 per share) and Melar private placement
warrants (valued at $1.00 per warrant) held by the Sponsor.

Trust Account Waiver

Everli
and the Escrowed Seller each agreed that they and their affiliates will not have any right, title, interest or claim of any kind in or
to any monies in Melar’s trust account held for its public shareholders, and agreed not to, and waived any right to, make any claim
against the trust account (including any distributions therefrom) other than in connection with the Closing.

SPAC Representative

The Sponsor
is serving as the SPAC Representative under the Merger Agreement, and in such capacity will represent the interests of Melar’s shareholders
(other than the Escrowed Seller) and their respective successors and assignees after the Closing with respect to the Merger Agreement
and certain Ancillary Documents following the Closing.

Governing Law

The Merger
Agreement is governed by the laws of the State of New York and the parties are subject to exclusive jurisdiction of federal and state
courts located in the State of New York (and any appellate courts